In­dia Of­fers to In­vest up to $20 Bil­lion in Iran Oil min­is­ter Dhar­men­dra Prad­han ex­presses in­ter­est in set­ting up petrochem & fer­tiliser plants, re­quests Iran to al­lo­cate land and cheaper nat­u­ral gas

The Economic Times - - Economy & Companies - Our Bu­reau

New Delhi: In­dia has of­fered to in­vest up to $20 bil­lion in new petro­chem­i­cals, fer­tiliser and liq­ue­fied nat­u­ral gas (LNG) fa­cil­i­ties in Iran and sought land and cheaper nat­u­ral gas for this. Oil Min­is­ter Dhar­men­dra Prad­han, who is in Iran with a del­e­ga­tion of in­dus­try ex­ec­u­tives for two days, dis­cussed with his counter- part sev­eral out­stand­ing is­sues re­lated to the energy sec­tor.

“Prad­han con­veyed to the Ira­nian side that In­dian com­pa­nies could in­vest up to $20 bil­lion and were in­ter­ested in set­ting up petro­chem­i­cal and fer­til­izer plants, in­clud­ing in the Chaba­har SEZ, ei­ther through joint ven­ture be­tween In­dian and Ira­nian pub­lic sec­tor com­pa­nies or with pri­vate sec­tor part­ners,” a state­ment from the In­dian oil min­istry said.

“In this re­gard, he re­quested Iran to al­lo­cate ap­pro­pri­ate and ad­e­quate land in the SEZ.

He also re­quested the Ira­nian side for favourable treat­ment in the pric­ing of gas for In­dia and also sup­ply of rich gas at a com­pet­i­tive price and on a long-term ba­sis for the life of the joint ven­ture pro- jects that In­dian com­pa­nies are in­ter­ested in set­ting up,” the state­ment said.

Prad­han ex­pressed In­dia’s in­ter­est in set­ting up an LNG plant and a gas cracker in the Chaba­har port and also the coun­try’s keen­ness to im­port liq­ue­fied petroleum gas (LPG) from Iran.

The two sides also dis­cussed the award of rights to de­velop Farzad-B gas fields to In­dian firms as well as the pend­ing pay­ment by In- dian re­fin­ers to­wards oil pur­chases from Iran but no con­crete agree­ments were reached. New Delhi and Tehran are try­ing to en­hance their energy ties fol­low­ing the lift­ing of some sanc­tions this year on Iran.

Iran wants In­dia to boost its crude im­port from the West Asian na­tion quickly to take it to the level of pre-sanc­tion years while In­dia wants lu­cra­tive pur­chase terms to con­tinue.

New Delhi and Tehran are try­ing to en­hance their energy ties

Dhar­men­dra Prad­han

FILE PHOTO

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