Commendable as hell.
Energy wars!
MUMBAI, India—India has joined China in saying it will not cut back on oil imports from Iran, despite stiff new U.S. and European sanctions designed to pressure Tehran over its nuclear program.
“It is not possible for India to take any decision to reduce the import from Iran drastically because, after all, the countries which can provide the requirement of the emerging economy, Iran is an important country among them,” India’s finance minister Pranab Mukherjee told reporters Sunday in Chicago.
India and China together accounted for 34 percent of Iran’s oil exports from January to September of 2011 — slightly more than Europe, according to International Energy Agency data.
The move is likely to be seen as a political victory in Iran, but it’s unclear how Chinese and Indian companies will actually be able to pay for Iranian oil without running afoul of the sanctions, analysts said.
“It’s a blow,” said David Hartwell, senior Middle East analyst at IHS Jane’s, adding that Iran may have discounted prices to keep the Chinese and Indians on their side. “If you have two major countries like India and China saying they will not abide by the sanctions, that’s going to keep a vital line open for the Iranians to continue to sidestep the sanctions and get foreign capital.”
(via socialuprooting)
