Vienna: The government is struggling to find a way to insure oil shipments from Iran after a European ban comes into effect from 1 July, oil minister S. Jaipal Reddy told reporters in Vienna, where crude producers from Opec meet on Thursday.
He said government institutions were considering the issue.
Oil minister S Jaipal Reddy.
“We are struggling to find solutions, I cannot say beyond that,” Reddy said, adding sovereign guarantees were “in the process of examination.”
India has just secured a waiver from Washington to tighter sanctions on Iran aimed at curbing its nuclear programme after the world’s fourth-biggest oil importer cut imports from Tehran, one of its biggest suppliers along with fellow Opec members Saudi Arabia and Iraq.