Confederation of Indian Industry to inaugurate offices in Tehran

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Confederation of Indian Industry to inaugurate offices in Tehran 

Modi held  talks with Iran’s Supreme Leader Ayatollah Ali Khamenei and President Hassan Rouhani in May of this year.

Trilateral agreement on Chabahar trade signed by Modi, Afghan President Ashraf Ghani and

Iranian President Rouhani.

Chabahar in south-east Iran is already a flourishing port. The new accord to develop port facilities and infrastructure will enable India to bypass Pakistan and open up a route to land-locked Afghanistan. New Delhi has broadened cooperation with Afghanistan which entail security and economic interests. From Chabahar, the existing Iranian road network can link up to Zaranj in Afghanistan, about 883 kms from the port. The Zaranj-Delaram road constructed by India in 2009 can give access to Afghanistan’s Garland Highway, setting up road access to four major cities in Afghanistan — Herat, Kandahar, Kabul and Mazar-e-Sharif.

Besides signing a deal on development of Chabahar port, India is looking at doubling oil imports from Iran which is currently its second-biggest oil supplier, as well as getting rights to develop a giant gas field.

Indian Ambassador to Iran Saurabh Kumar is positive on developing Farzad-B gas field.

Managing Director of the Pars Oil and Gas Company (POGC) Mohammad Meshkinfam recently stressed the need of for a speedy conclusion from India’s ONGC.

Indian refiners have cleared part of the $6.4 billion owed to Iran for crude oil imports in euros through Turkey’s Halkbank, three sources privy to the payment said on Saturday.

This is the first payment to Iran by India since the lifting of Western sanctions against the Persian Gulf nation earlier this year and comes just ahead of Prime Minister Narendra Modi’s visit beginning on Sunday. State refiner Mangalore Refinery and Petrochemicals Ltd paid $500 million while Indian Oil Corporation has settled $250 million through the Union Bank of India, the sources said.

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