India seeks to invest in Iran’s oil industry

Business Materials 8 May 2013 16:31 (UTC +04:00)

Azerbaijan, Baku, May 8/ Trend R.Zamanov

New Delhi has declared its readiness to carry out joint oil projects with Tehran, IRIB News reported.

India plans to invest in Iran's oil industry infrastructures and the country's exploratory projects.

New Delhi also wants to invest in the development project of Iran's Chabahar port city, in the southeastern Iranian province of Sistan and Balouchestan.

It was announced earlier that Indian and Pakistani businessmen will invest some 100 million dollars in Iran's Chabahar port city. According to the Indian External Affairs Minister Salman Khurshid, Iran has offered New Delhi to develop an oil field.

Khurshid was in Tehran for a three-day trip, during which he stressed that India wants to boost its trade relations with Iran.

Iranian Oil Minister Rostam Qasemi is expected to visit India in near future to discuss the offer.

India is currently negotiating to join Iran-Pakistan peace pipeline project. According to the Fars News Agency, New Delhi eyes to import 90 million cubic meters of gas from Iran through the pipeline.

The two sides are scheduled to talk about the gas price and pipeline's security in near future.

Indian Minister of Petroleum and Natural Gas Veerappa Moily had said in March that the pipeline project was beneficial for India.

The Iran-Pakistan gas pipeline, projected to cost 1.2-1.5 billion dollars, would enable the export of 21.5 million cubic meters of Iranian natural gas to Pakistan on a daily basis.