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Indian oil minister says too early to predict sanctions impact on Iran imports

Reuters  |  ABU DHABI 

(Reuters) - 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 for India's

The planned $44 billion facility in will be one of the largest refining and petrochemical complexes in the world at 1.2 million barrels per day.

in April signed a deal with for a 50 percent stake in the project. may introduce at a later stage a strategic partner to share its 50 percent stake.

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.

(Reporting by Rania El Gamal; Writing by Noah Browning; Editing by and Peter Graff)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, May 12 2018. 17:20 IST