Iran offers Indian firms chance to participate in oil exploration
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.
