Iran oil imports to fall 30% in 2011-12: Government

NEW DELHI: The government has not asked any refiner to cut imports of Iranian crude oil despite US sanctions but after the RBI barred payments through a regional clearinghouse a year ago, refiners themselves are gradually reducing such purchases, which are projected to fall 30% in 2011-12, government and industry officials said.

"We have not asked companies to cut imports from Iran," said additional secretary oil ministry Sudhir Bhargava. India imports about $12 billion worth Iranian crude oil.

Total imports are estimated to fall to 13 million tonnes in the current fiscal from 18.5 million tonnes in 2010-11 and 21.2 million tonnes in the previous year.