Tag Archives | India

India Seeking New Payment Mechanism for Iran Trade

India is exploring setting up a new payments mechanism for trade with Iran, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo. Under previous Western sanctions, India had devised a barter-like scheme acceptable to Washington that allowed it to make some oil payments to […]

India Seeking Rail Link with Iran, Turkey

Indian Railways is considering the possibility of building a transcontinental rail freight service that would connect India with Iran and Turkey, a report said. The ambitious plan is expected to be a real boon to the Asia Pacific region’s people and business, India’s Business Today website reported. It is expected to bring about a major boost […]

Construction of Iran-Oman-India Pipeline “Imminent”

An official with New Delhi-based South Asia Gas Enterprise Pvt Ltd (SAGE) said that the implementation of a plan to build an undersea gas pipeline to export Iran’s gas via Oman Sea and Indian Ocean to India is imminent. “With the sanctions being lifted, that has definitely changed the game, and the level of interest […]

Indian Trade Mission to Discuss Rice Exports

India plans to send a delegation to Iran to discuss ways for resuming exports of its Basmati rice to the Islamic Republic, the president of All India Rice Exporters Association said. Mohinder Pal Jindal said the delegation comprising government officials and exporters will travel to Iran on January 27-29, The Economic Times reported. He added […]

Iran Approves 29 Int’l Companies for Oil Projects

Iran’s oil ministry has certified 29 international companies to bid for oil and gas projects in the country under its new format of oil contracts. According to the report by the oil ministry’s news website Shana, 29 companies, including Shell, France’s Total, Italy’s Eni, Malaysia’s Petronas and Russia’s Gazprom and Lukoil, as well as companies […]

Iran, EAEU to Start Talks on Free Trade Zone

Formal talks on creation of a free trade zone (FTZ) between Iran and the Eurasian Economic Union (EAEU) will begin soon, the Armenian president said. “The presidents of four countries have approved the proposal that it is necessary to launch negotiating process (on creation of free trade zone) with Iran, Egypt, India and Singapore. That […]

Cipla Forms JV to Manufacture Drugs in Iran

By John Lee. Indian pharmaceutical company Cipla Holding has entered into a joint venture agreement with Ahran Tejarat for manufacturing and marketing pharmaceutical products in Iran. Under the agreement, Cipla will initially acquire a 75 percent stake in Iranian firm Issat Co., which is currently owned by Ahran Tejarat, for a cash consideration of €1.35 […]

India Ready to Invest $20bn in Farzad B Gas Field

Indian Oil Minister Dharmendra Pradhan said his country is ready to make an investment of $20 billion in the development of Iran’s Farzad B gas field in the Persian Gulf. Iran and India can swiftly improve their bilateral relations in the oil and gas sectors in the new (post-sanctions) era, Pradhan said at Iran-India Joint […]

India’s UCO Bank to Open Branch in Iran

Indian government-owned bank UCO is going to open a branch in Tehran before the end of the year, Iranian Foreign Minister Mohammad Javad Zarif said. According to Tasnim dispatches, addressing a joint meeting of Iranian and Indian business people in New Delhi on Saturday, Zarif quoted a top Indian Central Bank official as saying that […]

India Invests $5.5bn in Iran to Raise Refinery Capacity

By John Lee. A $5.5 billion investment by the Indian Oil Corporation (IOC) will increase the capacity of the firm’s smallest refinery, co-owned by Iran, to 300,000 barrels per day, according to a report from OilPrice. Reuters reports that the project to renovate Chennai Petroleum Corp.’s Nagapattinam refinery will allow Iran to meet demand for […]