Iran Nuclear NewsClinton presses India to cut oil imports from Iran

Clinton presses India to cut oil imports from Iran

-

AP: U.S. Secretary of State Hillary Rodham Clinton urged energy-starved India on Monday to reduce its Iranian oil imports to keep up pressure on the Islamic republic to come clean about its nuclear program. The Associated Press

By MATTHEW LEE

KOLKATA, India (AP) — U.S. Secretary of State Hillary Rodham Clinton urged energy-starved India on Monday to reduce its Iranian oil imports to keep up pressure on the Islamic republic to come clean about its nuclear program.

Clinton told a town hall meeting in the eastern city of Kolkata that there’s an adequate supply in the market for India to find alternative sources of oil. Clinton noted India has taken some steps to reduce its imports from Iran but she says the U.S. wants to see more.

“If there weren’t an adequate supply … we would understand, but we believe that there is adequate supply,” she said.

India could face U.S. sanctions by the end of June if the Obama administration determines it has not made significant cuts in imports under a law aimed at squeezing Iran’s petroleum industry to press the country to prove its nuclear program is peaceful.

India, with a growth rate of about 7 percent, has a nearly insatiable need for oil. About 9 percent of its oil imports are from Iran, though officials say it has reduced its dependency on Iranian oil in recent months,

“We appreciate what has been done and, of course, we want to keep the pressure on Iran,” Clinton said.

However, India remains dependent on the imports, and Iran is its second largest oil supplier after Saudi Arabia. With international sanctions making it difficult to find banks willing to handle Iranian oil payments, India and Iran reached an agreement earlier this year that would allow India to pay for about 45 percent the purchases in rupees. Iran would then use the Indian currency to buy goods from India.

Clinton said the U.S. remained focused on putting global pressure on Iran.

“We believe, at this moment in time, the principle threat is a nuclear-armed Iran,” she said. “We need India to be part of the international effort.”

Clinton was also meeting Monday with West Bengal Chief Minister Mamata Banerjee, a key partner of India’s ruling coalition who has stymied government efforts to lift restrictions on foreign-owned investments in the country.

Clinton was expected to talk with Banerjee about allowing multi-brand retailers such as Wal-Mart to enter the market.

Last year, India’s Cabinet had to rescind a decision to open up its market to major foreign retailers after Banerjee balked at the move, saying it would crush small domestic retailers.

“I will certainly raise the United States’ desire to try to open the market to multi-brand retailers,” Clinton told the audience at the town hall. “I think there are a lot of benefits that may not be immediately perceived.”

Cinton will head to Delhi later Monday, where she is expected to press India to push ahead with its stalled economic reform program, even though the prime minister’s chief economic adviser said last month that no new reforms were likely before the next election in 2014.

Latest news

Iran’s Housing Crisis from Another Perspective

According to statistics released by the Central Bank of Iran, housing prices in the capital Tehran have increased by...

Iran: Inefficient Management Resulting in Environmental and Historical Disasters

On June 7, Hossein Akbari, Deputy of Natural Environment and Biodiversity at the Department of Environmental Protection Agency of...

Iranian regime threatens Middle East with “hypersonic” missiles

The Iranian regime’s Islamic Revolutionary Guard Corps (IRGC) on Tuesday unveiled a hypersonic missile. Hypersonic is a type of...

The Iranian regime lacks nuclear transparency

Iran has not acted as expected in terms of transparency regarding its nuclear program, said the head of the...

Iran has sold $1 million in ammo to Russia

The Iranian regime has sold ammunition to Russia worth more than one million dollars in the ongoing conflict in...

Forecasting a “difficult year” for Iran

The official website of the Iranian regime’s presidency was taken over by Iranian dissidents in a significant security breach...

Must read

UN to probe ‘military angle’ to Iran nuclear drive

AFP: A high-level IAEA delegation visiting Iran January 29-31...

Three foreign journalists reported detained in Iran

Washington Post: Iranian officials arrested a Japanese and two...

You might also likeRELATED
Recommended to you