India Weighs Investing Up to $20 Billion in Iran Energy Industry
- India may also increase imports of Iran crude: Oil Minister
- U.S. rules mean India to pay $6 billion Iran oil debt in euros
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India may invest as much as $20 billion in Iran’s energy industry and ports and boost imports of crude from the Persian Gulf nation if it gets favorable terms, India’s Oil Minister Dharmendra Pradhan said in an interview.
Indian companies are evaluating opportunities to explore for oil and natural gas, build petrochemical plants and gas-processing facilities and expand ports including the new industrial hub of Chabahar, Pradhan said during a visit to Tehran. The two countries agreed to plan for development of Iran’s Farzad-B gas field, with the aim of deciding whether to award a contract to an Indian group by October, according to a copy of the memorandum signed by the ministers and posted on Pradhan’s Twitter account.