Tag Archives | India

China, Iraq are Iran’s Biggest Non-Oil Customers

By John Lee. Iran’s Trade Promotion Organization (TPOI) has issued data showing that five countries — China, Iraq, UAE, South Korea and India — accounted for 68.7 percent of Iran’s total non-oil exports in the first five months of the current Iranian fiscal year (March 20-Aug. 22). Total non-oil exports (including gas condensate) fell 5 percent […]

Cargo Line Opened between Qatar, Turkey via Iran

Qatar has opened a land and sea cargo line with Iran and Turkey in a bid to reduce the Arab country’s cargo shipping costs by 80 percent, a report said. Former editor-in-chief of Qatar’s al-Sharq newspaper, Jaber Al-Harmi, said via twitter that the Persian Gulf Arab state has opened a land and sea cargo line […]

Iran, India “Probably Part Ways” on Farzad B

Iran has started preliminary talks with Russians to develop Farzad B but negotiations also carry on with the Indians who have long coveted the giant gas field, Iranian Oil Ministry stated. “For the development of the Farzad B field, we are pursuing three separate paths in parallel, but none of the options is definite yet,” […]

Brazil’s Ambassador meets with BIM Boss

Brazil’s ambassador to Iran, Rodrigo de Azeredo Santos, has met with Ali Ashraf Afkhami, Chairman of the Bank of Industry and Mines (BIM). In the meeting Afkhami explained the success of the Bank in the financing of infrastructure development projects such as steel, cement, railways, power stations and petrochemical plants, and talked about the launch […]

Essar Oil’s Iran Debt expected to be Paid

By John Lee. India’s Essar Group has completed the sale of its 98.26-percent holding in Essar Oil to Russia’s Rosneft and partners. Rosneft will take a 49.13 percent stake in Essar Oil, with a consortium of Trafigura and United Capital Partners (UCP) taking an equal stake, Essar Oil said in a statement. Essar Oil still owes […]

India in talks to Develop Chabahar Port

India’s Transport and Shipping Minister Nitin Gadkari said he has held talks with Iranian officials on a range of issues, including the development of Iran’s port of Chabahar. Gadkari said that during his recent trip to Tehran, he held talks with Iranian officials on a wide range of issues, including developing Chabahar Port and funding […]

Chabahar Port Signs Deal with India Ports

India Ports Global Private Limited (IPGPL) has reportedly signed a contract with Aria Banader of Iran to equip and operate two terminals at Chabahar – Shahid -Beheshti Port for transportation of goods and other purposes. IPGPL is a joint venture between Jawaharlal Nehru Port Trust (JNPT) and Kandla Port Trust (KPT). According to the report […]

ONGC Willing to Spend $11bn at Farzad-B

The managing director of India’s ONGC Videsh Ltd said the consortium is ready to spend as much as $11 billion to develop a giant natural gas field south of Iran. ONGC Videsh Ltd. has offered to invest as much as $6 billion on the Farzad-B field and spend the remaining amount to build a liquefied […]

India’s NALCO puts Iran Project on hold

By John Lee. India’s National Aluminium Company Ltd (NALCO) has put its overseas projects on hold in order to focus on expanding domestic capacity. The company signed a memorandum of understanding (MoU) with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) last year to explore the possibility of setting up a joint […]

Iran Signed Deal with Gazprom over Farzad B

Iran has signed a basic agreement with Russia’s energy giant Gazprom over the development of Farzad B gas field – a project which the country has for long been negotiating with an Indian consortium. The announcement over Farzad B agreement was made by Iran’s Petroleum Minister Bijan Zanganeh. Zanganeh said in an interview with Argus […]

Talks on Iran’s EEU Membership to Conclude Soon

Timur Suleimenov, Kazakhstan’s minister of economy, said the Eurasian Economic Union (EEU) would finalize talks with Iran over the country’s membership to the union by the end of 2017. “We believe we can come up with something substantial by the end of the year . . . finished talks,” Suleimenov told the Financial Times on […]

Iran Urges Removal of Trade Barriers with India

Iranian Foreign Minister Mohammad Javad Zarif called for efforts to remove the obstacles to trade and banking ties with India. In a meeting with Foreign Secretary of India Subrahmanyam Jaishankar in Tehran, Foreign Minister Zarif expressed the hope for closer relations between Iran and India in light of the history of their mutual cooperation and […]

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Iran Increases Asphalt Production, Seeks Shippers

By John Lee. Iran’s biggest asphalt producer is reported to be planning to boost output by almost 15 percent in the next two years. According to a report from Bloomberg, Hormoz Pasargad Bitumen Products Co. intends to send the increased supply to overseas buyers led by India and the United Arab Emirates (UAE). Managing Director […]

India Seeking to Stop Urea Imports from Iran

Dharam Pal, the joint secretary at India’s department of fertilizer, said the South Asian country plans to boost its urea production in an attempt to revive loss-making factories and end imports from several countries, including Iran. “We are in the process of reviving ailing plants, restart closed units, expand existing projects and build new ones,” […]

Iran Eyes Becoming Regional Hub of Nuclear Medicine

A target at the top of the agenda of the Atomic Energy Organization of Iran (AEOI) is to turn the country into the region’s hub for production of nuclear medicine, Iran’s top nuclear official announced. Addressing a ceremony to mark the National Nuclear Technology Day in Tehran on Sunday, Head of AEOI Ali Akbar Salehi […]

Major Indian Investment in Farzad B Gas Field

Indian state-owned oil company ONGC Videsh plans to invest more than $3 billion to develop Iran’s Farzad B gas field in the Persian Gulf, a report said. ONGC Videsh last month submitted a revised plan to the Iranian government for the field, which the company will be able to develop within five years, Managing Director […]

Plant Eyes Europe as Future Market for MEG Output

Morvarid Petrochemical Plant, a supplier of monoethylene glycol (MEG) in Iran, is planning to expand its export markets to Europe and India. The plant’s managing director, Gholamreza Jokar, said the previous calendar year which ended on March 20 was a favorable year for his company as it bolstered activities at its MEG unit and could […]

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 […]