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Examining details of US exemptions on buying Iranian crude oil: MEA

Press Trust of India  |  New Delhi 

Friday welcomed the US announcement allowing it to keep buying from and said it was examining the details of the exemptions.

The US on Monday re-imposed sanctions on import of from but temporarily allowed India, China, South Korea, Japan, Italy, Greece, and to continue the purchase from the Gulf nation without any penalty.

"We appreciate that the has taken into account our need for and understood our sensitivities on this matter. We welcome this. We are now examining the details of the exemption," said.

Asked whether was going to reduce imports from Iran, he did not give a direct reply but said Iranian oil was very important for India's

"is a major importer of from This is very important for our own needs. We appreciate the fact that US has shown understanding of our position and have said that their intention is not to hurt India," he said.

"I am not at the liberty to give you details about the quantum of that we will continue to import," Kumar added.

The MEA said India also appreciated the US for exempting it from sanctions for the development of the strategically-located in Iran.

"We have taken note of the US statement that exception has been provided under the Iran Freedom and Counter Proliferation Act of 2012 with respect to development of and the construction of an associated railway line," he said.

"We appreciate that the US recognised the role which this port will play to bring strategic and long term benefits to as well as enhance Afghanistan's connectivity with the outside world," Kumar added.

Ports in Iran have also come under the US sanctions.

has been a key partner in development of the which is being considered a gateway to golden opportunities for trade by India, Iran and with central Asian countries.

The port is being considered crucial for trade among the three countries in the wake of denying transit access to India.

In May 2016, India, Iran and had signed a pact which entailed establishment of a transit and transport corridor among the three countries using Chabahar Port as one of the regional hubs.

India had requested the US to allow it to continue its engagement in the Chabahar port, saying it can be a major link for trade with war-ravaged Afghanistan.

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

First Published: Fri, November 09 2018. 19:25 IST