Union Petroleum and Natural Gas Minister Hardeep Singh Puri | Photo Credit: Karma Bhutia
Indian Oil Minister Hardeep Singh Puri met with Iran’s Petroleum Minister Mohsen Paknejad on Thursday, as the Persian Gulf nation reportedly expressed strong interest in supplying crude oil and refined products, including liquefied petroleum gas (LPG), to India, the world’s third-largest energy consumer.
This is the first meeting of the Oil Ministers from the two countries after the signing of the MoU between Iran and the US, an attempt to end the conflict in West Asia. A 60-day sanctions reprieve by the US to Iran for selling crude oil and refined products followed the MoU signing.
The two Ministers discussed strengthening cooperation in hydrocarbons. Iran is interested in selling more crude oil to India including products such as LPG. Both the Minister’s declined to speak at the meeting.
Puri said on X: “Met H.E. Mohsen Paknejad, Minister of Petroleum of Iran, on the sidelines of BRICS Energy Ministers’ Meeting. We explored opportunities to cooperate in the energy sector. India remains committed to enhancing energy security through dialogue, partnership and mutually beneficial engagement.”
The Iranian Minister is in India to participate in the 11th BRICS Energy Ministerial meeting. India is hosting the 11th BRICS Energy Ministers’ Meeting under its BRICS Chairmanship 2026.
It was not immediately clear whether both countries discussed the purchase of crude oil and products during the 60-day sanctions reprieve period. However, one of the sources said that there is not much clarity on the payment terms for buying energy commodities from Iran during this period.
As per the general licence (sanctions reprieve) for Iran by the US Office of Foreign Assets Control (OFAC), any payment of funds to Iran for purchasing crude oil, petrochemicals or petroleum products of Iranian origin may be made in US dollar-denominated funds.
Currently, Iran is among India’s top LPG suppliers. India’s LPG imports from the Persian Gulf nation surged 144 per cent Y-o-Y to 0.22 million tonnes (mt) in March-May 2026. Its share in India’s total imports rose from just 1.6 per cent in March-May 2025 to 6.5 per cent a year later.
Published on June 25, 2026
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