GET Stock QuotesNews18 APP
News18 English
»
1-min read

Oil Minister Says Too Early to Predict Sanctions Impact on Iran Imports

During a visit to the United Arab Emirates, Oil Minister Dharmendra Pradhan said that he was "a little bit concerned" about the impact of an oil price rise on consuming countries but that he did not think oil supply will be an issue.

Reuters

Updated:May 12, 2018, 5:37 PM IST
facebookTwittergoogleskypewhatsapp
Oil Minister Says Too Early to Predict Sanctions Impact on Iran Imports
In this file photo, Union Oil Minister Dharmendra Pradhan speaks during an interview with Reuters in New Delhi on June 12, 2015. (Photo: Reuters/Anindito Mukherjee)
Abu Dhabi: Oil Minister Dharmendra Pradhan said on Saturday it was too early to predict the impact of US sanctions on his country's imports of Iranian oil.

Pradhan told Reuters during a visit to the United Arab Emirates that he was "a little bit concerned" about the impact of an oil price rise on consuming countries but that he did not think oil supply will be an issue.

"Let’s see how things are moving. It's too early to predict in one way. We are watching very carefully."

"This kind of geopolitical (tension) affects both consuming and producing countries. We have to live with the reality of the present geopolitics," Pradhan said.

The oil minister added that there was a consensus between Saudi state oil giant Aramco, the Abu Dhabi National Oil Company ADNOC and Indian companies to form a joint venture for India's Ratnagiri oil refinery.

The planned $44 billion facility in western India will be one of the largest refining and petrochemical complexes in the world at 1.2 million barrels per day.

Saudi Aramco in April signed a deal with India for a 50 percent stake in the project. Aramco may introduce at a later stage a strategic partner to share its 50 percent stake.

ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.

Also Watch

| Edited by: Bijaya Das
Read full article
Loading...
Most Active
Company Price Change %Gain
UPL 632.10 +82.50 +15.01
Bajaj Finance 2,755.80 +34.45 +1.27
HDFC Bank 2,156.45 -32.60 -1.49
Bajaj Auto 2,684.15 -155.45 -5.47
PC Jeweller 93.70 +11.80 +14.41
Company Price Change %Gain
Dewan Housing 610.10 -4.10 -0.67
PC Jeweller 93.80 +11.90 +14.53
UPL 631.65 +81.40 +14.79
Just Dial 555.70 -24.00 -4.14
Bajaj Auto 2,689.10 -152.00 -5.35
Top Gainers
Company Price Change %Gain
UPL 632.10 +82.50 +15.01
Vedanta 211.60 +9.20 +4.55
Bharti Airtel 358.95 +13.55 +3.92
Bajaj Finserv 6,923.10 +259.15 +3.89
ITC 284.15 +10.15 +3.70
Company Price Change %Gain
Vedanta 211.55 +8.95 +4.42
Adani Ports 384.05 +14.15 +3.83
ITC 283.85 +10.40 +3.80
Bharti Airtel 357.60 +12.05 +3.49
ICICI Bank 274.85 +8.85 +3.33
Top Losers
Company Price Change %Gain
Hero Motocorp 3,165.45 -211.50 -6.26
Bajaj Auto 2,684.15 -155.45 -5.47
Wipro 276.45 -6.55 -2.31
Grasim 921.40 -17.70 -1.88
Tech Mahindra 648.55 -10.90 -1.65
Company Price Change %Gain
Hero Motocorp 3,163.90 -209.25 -6.20
Bajaj Auto 2,689.10 -152.00 -5.35
Wipro 276.05 -7.00 -2.47
HDFC Bank 2,157.75 -32.35 -1.48
ONGC 156.50 -1.35 -0.86
Loading...
Loading...