Iran asks India to buy more crude

Sanction-hit Iran Monday discussed marine insurance and reinsurance on shipment of oil with India as it pressed for more crude purchases.

According to a petroleum ministry statement here after talks between visiting Iranian Oil Minister Rostam Ghasemi and Petroleum Minister M. Veerappa Moily, the "Indian side explained that it would encourage companies to maintain their engagement (with Iran) in terms of crude oil purchase".

Two refiners - Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals Ltd - had halted Iranian oil purchases in April due to insurance problems.

India cut imports of Iranian oil by 26.5 percent in the fiscal year, and had reduced shipments by 56.5 percent in April.

The two sides agreed to address the trade balance between the two countries. The Indian side requested the Iranian side to consider sourcing more goods from India to rectify the trade balance. The Iranian side agreed to consider this request.

Both sides agreed to discuss outstanding issues related to the development of Farzad B gas block