Chicago, Jan 30: Union Finance Minister Pranab Mukherjee has clarified that Iran is important for the country so far import of oil is concerned as he chose to clear the Indian view on the sanctions mooted by USA to reign in a suspected nuclear weapons programme by the Islamic nation.

During his ongoing visit to Chicago in USA, Pranab Mukherjee said, "It is not possible for India to reduce the import of oil from Iran." India imports 12 percent of its oil from Iran presently. Saudi Arabia, Nigeria and some other gulf countries contribute in the supply of crude oil to various nations but Iran can contribute substantially for the growth of emerging nations," he added.

According to the media reports, a team of International Atomic Energy Agency (IAEA) started their three days visit to probe the nuclear works of Iran on Sunday. Reports said Iran has also planned to bring a bill to ban the export of oil to Europe. Iran has maintained that its nuclear programme is for peaceful means.