The document was signed by Iran’s Minister of Petroleum Bijan Zangeneh and his visiting Indian counterpart Dharmendra Pradhan in Tehran
The two ministers signed a cooperation agreement encompassing oil exports, petrochemical operations and gas-field development on the occasion, sources said.
Pradhan addressing a joint press conference with his Iranian counterpart said, “Iran and India’s energy ties are no longer limited to crude oil imports,” and that India was ready to invest $20 billion in the port of Chabahar in Southeastern Iran. He added that “energy sector can be determining in development of Tehran-New Delhi relations.” India has already extended over $ 100 million Line of Credit for berths and jetties at Chabahar.
India’s participation at Farzad-B gas field topped discussions between the two Ministers, sources informed. Last year ONGC submitted a proposal of $ 3 billion for development of Farzad-B field.
Iran is targeting India, where demand for crude is growing faster than other Asian countries, as well as old partners in Europe for stepped-up shipment of its crude oil following the lifting of the US-led sanctions against it.
Indian refiners have said they are keen to import more from Iran, as demand for fuel soars at a rate faster than that in China.
India is currently Iran’s second-biggest oil client after China.