New Delhi, Oct.10 (ANI): With the western world draining Iran's economy, Iranian Energy Minister, Majid Namjoo, who is on a visit to New Delhi on Wednesday sought investment from India's private sector.
Addressing a meeting of Indian and Iranian businessmen and leaders, Namjoo said investment from India will prove beneficial for both nations.
"This chosen opportunity will benefit India to push its private sector or the private companies to have good prices from our country (sic)," he said.
The U.S and EU sanctions that took full effect on July 01 target Iran's nuclear programme which the West thinks is aimed at making weapons, but the Islamic Republic denies that.
India, the world's fourth-largest oil importer, in June secured a waiver from US sanctions for six months by reducing imports, and continued cuts in import from Tehran could raise New Delhi's chances for renewed exemptions later this year.
Meanwhile, Namjoo expressed hope on receiving India's support in terms of investment in the beleaguered economy.
"I was assured that the government of India and the representative of the Indian nation, who sure will push to have a good bilateral cooperation. And I hope that they will have negotiations with their counterparts and I assure you that I will give my full support from my side in this regard," he said.
India is selectively allowing state-run refiners to buy oil using Iranian ships and insurance cover as India prefers to protect business for its domestic shippers and insurers. Private refiners need not take permission for using Iranian ships.
Falling imports pushed Iran to sixth position in the list of India's biggest suppliers of oil in July, compared with the third position it enjoyed in June and No. 4 a year ago.
The shortfall is being made up with extra barrels from the world's biggest exporter, Saudi Arabia, as well as the United Arab Emirates, which emerged as the fourth-biggest supplier to India. (ANI)