The Indian government said on Wednesday that it might not be able to reach a consensus with Westinghouse Electric Company (WEC) in the US to set up six AP-1000 nuclear reactors in the southern Indian state of Andhra Pradesh.
India’s government asserted on Wednesday that it has no plans to halt trade with the Islamic Republic of Iran despite stern words from the US. The development came as a major turnaround in the nation’s stance towards unlateral US sanctions against Tehran.
US Secretary of State Mike Pompeo created a flutter of sorts last week, by saying that Washington and New Delhi have a shared understanding of the alleged threat posed by Iran.
With the US waiver on sanctions against the purchase of Iranian crude extended to India ending, New Delhi has reiterated time and again that it would only follow UN-mandated sanctions. India put off the discussions on Iranian oil purchase until the national elections were over.
India and Japan have struck an important tripartite agreement with Sri Lanka to jointly develop the “East Container Terminal” in the Port of Colombo. As per the agreement, a terminal operator company will be set up with the Sri Lanka Ports Authority holding a 51% stake and the rest being split between India and Japan.
Sina Azodi: I think that the same buyers that legally bought Iranian oil will continue their purchases, but since it is the “grey market” they will demand discounts from Iran. They especially include China and India.
India and China could team up to form an oil buyers’ bloc as a counter to the US move to sanction countries that continue to import oil from Iran; this will have a significant impact on the oil trade globally, according to Indian energy analysts.
Although sanctions against Venezuelan crude are yet to come into effect, the country’s oil has essentially already been taken off the mainstream international market after the US State Department piled direct pressure on foreign companies to scrap all oil-related deals.
India has reduced the amount of oil imported from Iran, but does not intend to abandon the purchases completely, Indian Ambassador in Russia Bala Venkatesh Varma said Tuesday.
Several Indian firms have already stopped importing oil from Venezuela after the US reportedly instructed oil refineries around the world to curtail their dealings with Caracas or face sanctions themselves.