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
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