India-Iran sign agreements on crude oil imports, gas field development.
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.
