Iran is the third-biggest oil supplier to India and has offered refiners incentives including almost-free shipping and an enhanced credit period on oil sales, according to Reuters.com.
Imports from Iran could take a hit as the United States reintroduces sanctions on Tehran after withdrawing from a nuclear deal with world powers.
India, Iran’s top oil client after China, asked refiners last month to prepare for drastic reductions or even zero Iranian oil imports.
India’s oil imports from Iran fell about 16 percent in June compared to May, tanker arrival data showed.
India was one of the few countries that continued to deal with Iran during previous sanctions although it had to cut imports from Tehran as banking, insurance and shipping channels were choked.
Officials from the U.S. Treasury Department are expected to meet Indian officials next week regarding sanctions on Iran.
Kumar said India is closely watching the situation and will do “whatever is mandated to be done in our national interest”.
Iran also wants India to expedite its investment and accelerate engagement for the development of Chabahar port in Iran, the statement said.
The Indian-backed Chabahar port complex is being developed as part of a new transportation corridor for land-locked Afghanistan that could open the way for millions of dollars in trade and cut dependence on neighboring Pakistan.
India is trying to make Chabahar port operational by 2019, India’s transport minister said last month.