India’s Oil Companies not hurt by Iran Sanctions

India’s state-run oil companies haven’t been hurt by sanctions imposed on Iran by the U.S. and European Union, Junior Oil Minister R.P.N. Singh said Tuesday.

“At present, there is no financial implication of the sanctions on our oil public sector undertakings,” R.P.N. Singh told lawmakers in a written reply in the upper house of Parliament.

Singh said India hasn’t asked for any exemption from the sanctions, as it isn’t under any obligation to observe unilateral sanctions by any country.

He added that India is trying to diversify its sources of crude-oil imports to reduce dependence on any particular region.