India sends delegation to Iran to up oil exportsFebruary 2, 2012 - 19:55 AMT PanARMENIAN.Net - India will send a business delegation to Iran at the end of February to explore how it can increase exports in order to meet payments for Iranian oil hit by international sanctions, a senior government official said on Thursday, February 2 India, Iran's second-biggest oil client after China, buys 12 percent of its oil needs from the Islamic nation, worth about $12 billion annually, according to Reuters. Last month, Reuters reported that India would pay for some of its oil imports in rupees via an Indian bank, resorting to the partially convertible currency after more than a year of payment problems in the face of fresh, tougher U.S. sanctions. To meet its oil demand, India could step up exports including in farm products such as wheat, industrial goods and gems and jewelry, the official said, speaking on condition of anonymity because of the sensitivities of the subject. "You have to devise a mechanism with which you can pay for the import of oil and avoid attracting sanctions," the official said. "We will need to lead a business delegation there, taking potential exporters across a range of sectors, and go out there and talk to their counterparts." "It's for individual traders to strike deals with each other," the official said. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |