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 programme.
“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,” Ms. Rao said.
In addition to the U.N. sanctions on the Iran nuclear programmes, U.S. 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 U.S. 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 and Petronet LNG.
It had urged countries to sever business ties with Iran in view of its nuclear dispute with the nation.
