Baku, Azerbaijan, Feb. 18
By Khalid Kazimov - Trend:
Iran's Deputy Oil Minister Abbas Sheri Moqaddam has said that India is seeking to invest in Iran's petrochemical industry, Shana news agency reported Feb. 18.
"Due to the fact that the Iranian oil money in India has been blocked, the country intends to make up for it by financing Iran's petrochemical projects," he said.
Pointing out that Iran needs to import finance and technology from overseas in order to develop its petrochemical industry to up-to-date standards, Moqaddam said that the only way for Iran to use the sources is to improve relations with other countries in order to attract investors, something that is pursued by the Rouhani administration through intensive nuclear talks with world powers.
Iran is selling oil to India but cannot be paid because of international sanctions on the country's oil industry. Therefore, the two countries are trying to find indirect ways to make a trade-off.
A recent report said that India partially pays Iran back by giving Iran drugs and medical know-how which come under the title of humanitarian aid which is not subject to the sanctions.
Talks between Iran and the P5+1 (the US, the UK, Russia, China, France and Germany) group have been extended until July 1, 2015 to reach a comprehensive nuclear agreement.
After the sides failed to meet the 24 Nov. 2014 deadline they also extended the Geneva nuclear deal, which was signed in November 2013 for providing Iran with some sanctions relief in exchange for Tehran agreeing to limit certain aspects of its nuclear activities.
The US and its Western allies suspect Iran of developing a nuclear weapon - something that Iran denies.
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