India may invest up to $20 billion in Iran’s energy industry and ports and boost imports of crude from the Gulf nation if it gets favourable terms. India will invest in new petrochemicals, fertiliser and liquefied natural gas (LNG) facilities in Iran and sought land and cheaper natural gas in return.
Oil Minister Dharmendra Pradhan, who is in Iran with a delegation of industry executives, discussed with Iran authorities over many issues in energy sector. 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.
Oil Minister Dharmendra Pradhan urged Iran for a favourable treatment in the pricing of gas for India. The minister also wanted supply of gas at a competitive price and on a long-term basis for the life of the joint venture projects that Indian companies were interested in setting up.
India and Iran discussed the award of rights to develop Farzad-B gas fields to Indian firms as well as the pending payment by Indian refiners towards oil purchases from Iran but no concrete agreements were reached. New Delhi and Tehran are trying to enhance their energy ties following the lifting of some sanctions this year on Iran. Iran wants India to boost its crude import from the West Asian nation quickly to take it to the level of pre-sanction years.