Indian Oil Minister Dharmendra Pradhan said on Saturday it was too early to predict the impact of US sanctions on his country\u2019s imports of Iranian oil.\r\nPradhan told Reuters during a visit to the United Arab Emirates that he was \u201ca little bit concerned\u201d about the impact of an oil price rise on consuming countries but that he did not think oil supply will be an issue.\r\n\u201cLet\u2019s see how things are moving. It\u2019s too early to predict in one way. We are watching very carefully.\u201d\r\n\u201cThis kind of geopolitical (tension) affects both consuming and producing countries. We have to live with the reality of the present geopolitics,\u201d Pradhan said.\r\n\r\nJoint venture\r\nThe oil minister added that there was a consensus between Saudi state oil giant Aramco, the Abu Dhabi National Oil Company ADNOC and Indian companies to firm a joint venture for India\u2019s Ratnagiri oil refinery.\r\nThe planned $44 billion facility in western India will be one of the largest refining and petrochemical complexes in the world at 1.2 million barrels per day.\r\nSaudi Aramco in April signed a deal with India for a 50 percent stake in the project. Aramco may introduce at a later stage a strategic partner to share its 50 percent stake.\r\nADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.