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Indian companies eager to invest in Iran’s mineral, petrochemical projects

Business Materials 5 September 2015 14:52 (UTC +04:00)
Indian companies are very interested to invest in Iran’s mineral and petrochemical projects
Indian companies eager to invest in Iran’s mineral, petrochemical projects

Baku, Azerbaijan, Sept. 5

By Fatih Karimov - Trend:

Indian companies are very interested to invest in Iran's mineral and petrochemical projects, said Ahmad Mahdavi, Iranian deputy foreign minister for economic affairs.

India has made comprehensive negotiations to invest in building at least two urea production units in Iran's Chabahar and Assalouyeh energy zones, Iran's ISNA news agency quoted Mahdavi as saying on September 5.

"Indian companies are very interested in making investment in Iran's mineral projects. They have even purchased plots of land in Bandar Abbas special economic zone and are finalizing talks to establish large steel plants with up to three million tons of capacity."

A state-run Indian aluminum corporation has announced readiness to invest $2.5 billion in building a large plant in Iran, he noted.

Some Iranian goods, such as petrochemicals, nuts, and bitumen are highly welcomed in India, he said, adding "it is expected that India to boost relations with Iran once sanctions against Iran are lifted."

The volume of trade between the two countries is about $14 billion, of which about $10 billion is Iran's exports to India. The share of crude oil in Iran's exports to India is $7.5 billion, he said.

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