News Summary: Iran minister woos Indian businesses

Updated: 10/10/2012 12:05 PM KSTP.com

RUN TO IRAN? As Western sanctions squeeze Iran and its currency tumbles, the country’s energy minister wooed Indian businesses on Wednesday for more investment and trade.

PRIVATE MATTERS: Majid Namjoo told a meeting of Indian business leaders that there are huge opportunities to do business with Iran’s private sector, which remains largely unaffected by sanctions imposed by the U.S. and the European Union.

CRUDE THIRST: The U.S. has pressed India to scale back imports of Iranian crude to support those sanctions, but energy-starved India remains one of Iran’s biggest oil purchasers.

(Copyright 2012 by The Associated Press. All Rights Reserved.)