Indian companies are ready to invest invest upto $ 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. The offer was conveyed by Mr. Dharmendra Pradhan, the Indian Minister of State (I/C) for Petroleum and Natural Gas, who is on a visit to Iran. He also expressed Indian interest in setting up a LNG plant and a gas cracker in the Chabahar port.
On 9th April, Mr Pradhan had meetings with Minister of Petroleum Mr Bijan Namdar Zanganeh, Senior Advisor to the President of Iran on Free Trade Zones Mr Akbar Torkan and Governor of Iranian Central Bank Dr Valliolah Seif.
This is the the first visit of an Indian minister to Iran after sanctions were lifted this January.
In addition to the above, the two sides discussed the developments regarding Farzab-B gas fields and expressed confidence on concluding an agreement at the earliest. The issue relating to payment of dues by Indian refineries to Iran towards purchase of crude oil were also discussed. Mr. Pradhan conveyed that India was committed towards making payments as and when banking channels, acceptable to both sides, were available.
Mr. Pradhan also conveyed to the Iranian side that both countries must expand the basket of oil and gas trade. He expressed India’s interest in importing LPG from Iran and said that companies from both sides could discuss on setting up an extraction plant in Chabahar, if required. Both sides agreed to continue examining various means of evacuation of gas such as LNG, including through the proposed Iran-Pakistan-India pipeline.
The Minister is accompanied by senior officials from his Ministry and also from Department of Petrochemicals, Department of Fertilizers, Department of Economic Affairs apart from CMDs/MDs from Central Public Sector Oil and Gas companies. Representatives of private sector companies involved in petroleum, petrochemicals and fertilizers sectors are also travelling as part of FICCI delegation.