‘Iran sanctions to impact India’s energy security’
Hitting out at the "extra- territorial nature of certain unilateral sanctions" resulting in restrictions on investment by third countries in Iran`s energy sector, India said it can have a direct and adverse impact on India.
New Delhi: Hitting out at the "extra-
territorial nature of certain unilateral sanctions" resulting
in restrictions on investment by third countries in Iran`s
energy sector, India on Monday said it can have a direct and
adverse impact on India`s energy security.
Reiterating the country`s position that it supports the
right of all States to undertake peaceful uses of nuclear
energy consistent with their international obligations,
Foreign Secretary Nirupama Rao said India has always supported
dialogue and avoidance of confrontation.
She also maintained that the International Atomic Energy
Agency (IAEA) continues to provide the best framework for
addressing technical issues related to the Iranian nuclear
"We are justifiably concerned that the extra-territorial
nature of certain unilateral sanctions recently imposed by
individual countries, with their restrictions on investment by
third countries in Iran`s energy sector, can have a direct and
adverse impact on Indian companies and more importantly, on
our energy security and our attempts to meet the development
needs of our people," Rao said.
In addition to the UN sanction on the Iran nuclear
programmes, US President Barack Obama last week signed a law
imposing tough new sanctions on Iran`s banking and energy
sectors. However, it is not immediately known whether it will
impact Indian companies directly or not.
Earlier in April, in a 23-page report, addressed to
Senator Joseph Lieberman, Chairman of the Senate Homeland
Security Committee, the US Government Accountability Office
(GAO) identified several Indian oil and gas companies that
are doing business with Iran, including Indian Oil Corporation
(IOC), Oil India Limited (OIL), Oil and Natural Gas
Corporation (ONGC), ONGC Videsh Ltd and Petronet LNG.
It had urged countries to sever business ties with Iran
in view of its nuclear dispute with the nation.