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India says too early to predict sanctions impact on Iran imports

Reuters  |  ABU DHABI 

(Reuters) - Indian Minister said on Saturday it was too early to predict the impact of U.S. sanctions on his country's imports of Iranian

Pradhan told during a visit to the that he was "a little bit concerned" about the impact of an price rise on consuming countries but that he did not think will be an issue.

"Let's see how things are moving. It's too early to predict in one way. We are watching very carefully."

"This kind of geopolitical (tension) affects both consuming and producing countries. We have to live with the reality of the present geopolitics," Pradhan said.

The added that there was a consensus between Saudi Aramco, the National Oil Company ADNOC and Indian companies to firm a joint venture.

ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as and India, securing a new outlet for its crude.

A source said last month that the opportunities ADNOC could be looking at included a refinery and petrochemical project in India, for which signed an initial agreement on Wednesday with a consortium of Indian state refiners.

(Reporting by Rania El Gamal; Writing by Noah Browning; Editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 12 2018. 16:26 IST