Tag Archives | India

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 […]

Tags: ,

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 […]

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 […]

BP Forms Iran Task Force

Global energy giant British Petroleum (BP) has formed a new executive committee to explore business opportunities in Iran following the removal of anti-Tehran sanctions, a report said. Headed by BP’s chief financial officer Brian Gilvary from Britain, the new taskforce will coordinate the oil giant’s operations in the country and any discussions with National Iranian […]

Three Foreign Banks to Open in Iran

By John Lee. Three foreign banks are reported to be opening representative offices in Iran. Peyman Ghorbani, Vice Governor of the Central Bank of Iran (CBI) told Bloomberg that Oman’s Bank Muscat SAOG, Woori Bank of South Korea, and India’s UCO Bank Ltd. are all in the process of establishing a presence in Tehran. He declined to […]

Shiraz Petchem Plant Exports Urea to Brazil

Shiraz Petrochemical Plant has exported a urea cargo to Brazil in a bid to diversify its export destinations. The plant sends goods to India regularly. The company has assumed this strategy of developing its markets and diversifying its products and has exported a urea cargo to Brazil the sanctions’ removal in January 2016. In October, […]

India Drops Plan to Buy UAE Oil, Turns to Iran

India plans to buy 6 million barrels of Iranian crude oil after its talks with the United Arab Emirates’ national oil company for supplies came to a close over commercial terms, industry sources said. Three industry sources with direct knowledge of the matter said India would buy 6 million barrels of Iranian Mix crude from […]