India to Consolidate Ties with Iranian Private Sector

After negotiation with their Iranian counterparts, the Indian Oil & Gas Minister, accompanied by representatives of 25 Indian companies, came to Tehran Chamber of Commerce, Industries, Mines & Agriculture (TCCIMA), and talked with leaders from Iran’s private sector.

Appreciating India’s position in the sanctions era, Masoud Khansari, the TCCIMA chairman, wanted more bilateral collaboration in the post-sanctions era.

According to Bizhan Zangeneh, Iranian oil minister, a memorandum of understanding for joint cooperation in the fields of oil & gas has been signed between the two countries.

Dharmendra Pradhan, Indian petroleum minister, also gave notice of the intention of his country to purchase gas from Iran.

Looking to step up energy partnerships in the post-sanctions period, India and Iran have signed an agreement that involves crude oil imports, petrochemical complexes and gas field development. This is in addition to Delhi making an announcement of a $20bn investment in the strategic Chabahar Port complex during the ongoing two-day visit of Oil Minister Dharmendra Pradhan to Tehran.