Media Wire

Sources say Iran, India set to sign long-term deal on developing Chabahar Port

Iran and India are expected to ink a long-term agreement for the development of Iran’s Chabahar Port by September before the Global Maritime India Summit 2023 scheduled to be held in New Delhi in October, two people familiar with the matter have stated.

Officials say the contours of the long-term deal will be finalized next month, and an agreement will likely be signed in September.

Currently, India and Iran sign one-year contract extensions for developing and running the terminal at Chabahar Port.

However, India has been urging Tehran to commit to a longer-term pact, providing certainty for investment and development plans for the port designed by India. A long-term contract for 10 years may also provide for automatic renewal.

In 2016, India committed $85 million for the development of the port, along with a $150 million line of credit. As of 2023, India has supplied six gantry cranes to the tune of $25 million for the development of the port.

Chabahar, located in southeastern Iran, was envisioned as a gateway for India to access Central Asian markets.

However, the initiative faced obstacles due to Western sanctions against Iran. In 2013, India pledged $100 million to develop the port, but matters progressed after the 2015 nuclear deal was struck between Iran and the permanent members of the UN Security Council plus Germany.

Also, an agreement was signed between Indian Railways’ IRCON unit and Iranian Railways’ Construction and Development of Transportation Infrastructures Company in 2016 to construct the Chabahar-Zahedan Railway project.

IFP Media Wire

Reports and views published in the Media Wire section have been retrieved from other news agencies and websites, and do not necessarily reflect the opinion of the Iran Front Page (IFP) news website. The IFP may change the headlines of the reports in a bid to make them compatible with its own style of covering Iran News, and does not make any changes to the content. The source and URL of all reports and news stories are mentioned at the bottom of each article.

Recent Posts

Unscheduled visit by Qatari prime minister to Tehran sparks speculation

Reports emerged by Iranian daily Donya-e Eqtesad suggest that the Qatari Prime Minister and Minister…

17 hours ago

ICC issues arrest warrant for Netanyahu, Gallant for ‘war crimes’ in Gaza

The International Criminal Court (ICC) has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu,…

17 hours ago

Iran to respond to Europe’s “non-technical” move: Foreign Minister

As France, Germany, and the United Kingdom submit an anti-Iran draft resolution to the International…

18 hours ago

President Pezeshkian criticizes western hypocrisy on human rights

During his visit to Sistan and Baluchestan province, Iranian President Masoud Pezeshkian delivered sharp criticism…

18 hours ago

Nearly 90 killed in Israeli attacks on Gaza

Israel has unleashed a series of air attacks on the Gaza Strip that killed nearly…

19 hours ago

Anti-Iran human rights resolution at UNGA politically-motivated: Spokesman

Foreign Ministry Spokesman Esmaeil Baghaei has censured as politically-motivated and unjustified the adoption of a…

19 hours ago