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Iran says will strive to ensure oil supplies to India

Reuters  |  NEW DELHI 

NEW (Reuters) - will do its best to ensure security of supply to by offering "flexible measures" to boost bilateral trade, a statement from in New said.

is the third-biggest supplier to and has offered refiners incentives including almost-free shipping and an enhanced credit period on sales.

Imports from could take a hit as the reintroduces sanctions on after withdrawing from a nuclear deal with world powers.

India, Iran's top after China, asked refiners last month to prepare for drastic reductions or even zero Iranian

"Iran understands the difficulties of in dealing with (an) market and it has done and will do its best to ensure security of to India," the statement said.

India's from Iran fell about 16 percent in June compared to May, tanker arrival data showed.

"Iran has always been a reliable partner for India and others, seeking a and regional prices of oil which ensure the interest of both countries as consumer and supplier," the statement said.

India was one of the few countries that continued to deal with Iran during previous sanctions although it had to cut imports from as banking, insurance and shipping channels were choked.

"We do share a very strong, very good relationship, we are in touch with them (Iran) on several issues including on the fallout of the U.S. withdrawal from (the nuclear deal)," said Raveesh Kumar,

Officials from the are expected to meet Indian officials next week regarding sanctions on Iran.

Kumar said India is closely watching the situation and will do "whatever is mandated to be done in our national interest".

Iran also wants India to expedite its investment and accelerate engagement for the development of in Iran, the statement said.

The Indian-backed complex is being developed as part of a new for land-locked that could open the way for millions of dollars in trade and cut dependence on neighbouring

"We are committed to the development of the of We are moving with speed and scale and the work is underway on all interim operations," Kumar said.

India is trying to make Chabahar port operational by 2019, India's said last month.

(Reporting by Nidhi Verma; Editing by Dale Hudson)

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

First Published: Thu, July 12 2018. 19:41 IST