Iran offers Indian firms chance to participate in oil exploration

Jan 27, 2003 01:00 AM

Iran offered Indian firms opportunity to participate in its oil exploration and refining business as part of efforts to boost bilateral economic ties.
The Delhi Declaration, issued after wide-ranging talks between Indian Prime Minister Atal Bihari Vajpayee and Iranian President Seyeed Mohammad Khatami, said "in the field of oil and gas, the two sides would formulate a joint mechanism to promote broad-based cooperation, including promoting project participation in Iran in upstream and downstream industries."

Iran, which has world's second largest gas reserves and is a significant crude oil producer, offers investment opportunities in oil and gas exploration and production, refining maintenance and consultancy and CNG technology. The two sides also decided to make concerted efforts to encourage bilateral trade and economic cooperation.
This would involve boosting non-oil trade and investment in infrastructure projects including in the ongoing discussions between India and Iran to develop Chahbahar port complex, Chahbahar-Fahraj-Bam railway link and Marine Oil Tanking terminal in Iran. On its part, Iran would invest in infrastructure projects in India, the declaration said.

Besides, Export Import Bank of India would extend $ 200 mm line of credit to seven Iranian banks with a view to encouraging India's export to Iran, particularly its participation in infrastructure projects.
ExImBank and seven Iranian banks have entered into a Framework Agreement to operationalise the $ 200 mm line of credit.

Source: Asia Pulse
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