India sends delegation to Iran to up oil exportsFebruary 2, 2012 - 19:55 AMT PanARMENIAN.Net - India will send a business delegation to Iran at the end of February to explore how it can increase exports in order to meet payments for Iranian oil hit by international sanctions, a senior government official said on Thursday, February 2 India, Iran's second-biggest oil client after China, buys 12 percent of its oil needs from the Islamic nation, worth about $12 billion annually, according to Reuters. Last month, Reuters reported that India would pay for some of its oil imports in rupees via an Indian bank, resorting to the partially convertible currency after more than a year of payment problems in the face of fresh, tougher U.S. sanctions. To meet its oil demand, India could step up exports including in farm products such as wheat, industrial goods and gems and jewelry, the official said, speaking on condition of anonymity because of the sensitivities of the subject. "You have to devise a mechanism with which you can pay for the import of oil and avoid attracting sanctions," the official said. "We will need to lead a business delegation there, taking potential exporters across a range of sectors, and go out there and talk to their counterparts." "It's for individual traders to strike deals with each other," the official said. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |