TEHRAN: India and oil-rich Iran on Sunday decided to significantly expand engagement in their overall ties, particularly in boosting Indian investment in joint ventures in oil and gas sectors in Iran. Foreign investors from major economic powers are already rushing in to get early footholds after lifting of nuclear sanctions against Iran.
In talks between External Affairs Minister Sushma Swaraj and her Iranian counterpart Mohammad Javad Zarif, the two sides agreed that pending agreements such as Preferential Trade Agreement, Double Taxation Avoidance Agreement and Bilateral Investment Treaty should be concluded on a priority basis to spur trade and investment.
Enhancing energy cooperation and development of the Chabahar port were the centerpiece of talks which was mostly dominated by economic issues.
“The talks were very successful and would give new energy to our centuries old ties with Iran. In particular, the economic partnership will get considerable fillip as a result of today’s forward looking talks,” Ministry of External Affairs spokesperson Vikas Swarup told PTI.
Both sides discussed the progress on the Chabahar project and agreed that the commercial contract on Chabahar as well as the modalities for extending USD 150 million credit for Chabahar Port should be signed in the “very near future”.
Decisions on this line of credit, as well as USD 400 million credit line for supply of steel rails from India have already been taken by India.
Swarup said both sides discussed the energy partnership and Iran invited greater Indian participation in its oil and gas sector. “Iran said it would be happy to participate in the refinery sector in India.”
On Farzad-B oil field project, both sides took note of the constructive discussions during Indian oil minister Dharmendra Pradhan’s recent visit to Iran.