The Indian ambassador to Iran has said that his country will continue buying crude oil from Iran, Fars news agency reported.

 

“The finance minister has clarified for the U.S. that India will continue importing Iranian oil,” D.P. Srivastava said.

 

He made the remarks in a meeting with Chairman of the Tehran Chamber of Commerce Yahya Al-e Es’haq in Tehran on Tuesday.

 

India is set to boost its energy and business ties with Iran, with a Commerce Ministry team set to visit Tehran to explore fresh business opportunities.

 

Secretary General of the Associated Chambers of Commerce and Industry of India D.S. Rawat has said that despite the U.S. and the EU sanctions on Iran, he expects India's trade and investment with Tehran to increase.

 

"The potential of trade and economic relations between the two countries can touch the level of $30 billion by 2015 from the current level of $13.7 billion in 2010-11," said Rawat.

 

India recently agreed to a payment mechanism under which Indian companies will pay for 45 percent of their crude oil imports from Iran in rupees.

 

Iran used to supply 12 percent of India's oil imports, but for some time the share has dropped to 10 percent.

 

Last week, as the European Union asked India to broker talks with Tehran over its nuclear program, Prime Minister Manmohan Singh called for a resolution of the issue by giving "maximum scope" to diplomacy.