Tag Archives | India

India Pays some Oil Dues ahead of Modi’s Visit

The Indian government on Saturday paid the first part of its outstanding oil dues to Iran ahead of a visit by the country’s prime minister to the Islamic Republic, a report said. According to a report carried by the Business Standard, Indian refiners cleared part of their $6.5 billion debt to Iran in euros through […]

India to Pay Oil Dues via European Banks

The Indian oil minister said the South Asian country is scheduled to pay an outstanding oil debt to Tehran via European banks. Iran and India have agreed to use European banks to process pending oil payments to Tehran, Dharmendra Pradhan told Reuters. “There is an agreement between (India and Iran’s) central banks. European banks will […]

India’s Oil Imports from Iran Surge in April

India’s oil imports from Iran showed a 48.8 percent rise in April compared to the same period last year, a report said. Refiners in India took in 393,000 barrels per day (bpd) of Iranian oil in April, according to preliminary tanker arrival data from trade sources, Reuters reported. Part of India’s recent resurgence in Iranian […]

Iran reports “Huge Rail Purchase” from India

By John Lee. The managing director of the Islamic Republic of Iran Railways (IRIR, RAI), has been quoted as saying that Iran has bought 250,000 tons of rails from India. Mohsen Pour-Seyyed Aqaei said: “Five percent of the funds required for the purchase will be provided by the IRIR … The remaining 95 percent of […]

India’s Reliance Eyes Buying More Crude from Iran

A senior official with India’s biggest oil refiner Reliance Industries said the company plans to purchase more oil crude from Iran following the removal of anti-Tehran sanctions. “We have had engagements with Iran before the sanctions and they have grades of crude that are attractive to us from where we are,” V Srikanth, Reliance’s joint […]

India Willing to Invest in Iran’s Energy Sector

Iranian Ambassador to India Gholam Reza Ansari said New Delhi is highly interested in investing in the Islamic Republic’s oil, gas and petrochemical industries. Addressing the opening ceremony of P4 Expo India in Greater Noida on Wednesday, Ansari pointed to the new atmosphere created after the recent implementation of a nuclear deal between Iran and […]

India Hopes to Sign Deal for Farzad B Gas Field

India’s Oil minister Dharmendra Pradhan will push for state-run firms to win development rights for the vast Farzad B gas field in Iran during a visit to the Middle Eastern country next month. India, the world’s third-biggest oil importer and fourth-biggest consumer, wants to increase dealings with Persian Gulf countries that supply the bulk of […]

Indian Oil Minister to Visit Iran in April

Indian Oil Minister Dharmendra Pradhan is scheduled to visit Iran on April 6-7, official sources in New Delhi said. Accompanied by ONGC Videsh Ltd (OVL) Managing Director Narendra K Verma and Indian Oil Corp (IOC) Chairman B Ashok, Pradhan’s visit is aimed at engaging with leadership of the oil and gas rich nation that has […]

India wants Subsea Gas Line from Iran

By John Lee. PressTV reports that the Indian government is determined to seal a deal with Tehran to lay a 1,400-kilometer undersea gas pipeline from Iran to India. The planned multi-billion-dollar project would connect Iran’s southeastern port of Chabahar to India’s western Gujarat State, avoiding Pakistan. New Delhi will also reportedly fund a rail link […]

Mittal signs €1bn iron deal in Iran

India’s Mittal Steel signed a €1-billion contract on Tuesday to produce iron in southern Iran. According to Press TV, the contract signed with Mahan Industries and Mines Development Company – a subsidiary of Iran’s Tourism Financial Group – envisages extracting iron and building a processing plant in the southern province of Kerman. Mahan has not specified […]

India Approves $150m Chabahar Port Plan

By John Lee. India has approved a $150-million project to develop the strategic Iranian port of Chabahar [Chah Bahar], which includes a transit route to Afghanistan bypassing neighbouring Pakistan. AFP reports that New Delhi signed a multi-million-dollar memorandum of understanding with Tehran last May to develop the port on its southeastern coast, but final approval […]

Over 200 Foreign Investors Active in Iran Capital Market

The number of foreign shareholders in the capital market of Iran is now more than 200, the Managing Director of the Central Securities Depository of Iran (CSDI) has said. Last month 9 natural shareholders from Romania, Russia, South Africa, Italy, Britain (2 people), Kuwait, Pakistan, and Afghanistan received their codes to be active in the […]

India may Build Iron Ore Plants in Iran

By John Lee. India’s state-run company KIOCL is considering building an iron ore pellet complex in Iran at a cost of about $59 million. According to the report from Reuters, the company is also in talks to sell more than 2 million tonnes of the steelmaking raw material to Iran. The deal could offer cheaper […]

Big Potential for Pakistani Food Exports to Iran

By John Lee. The head of the All Pakistan Fruits and Vegetables, Exporters, Importers and Merchants Association (PFVA) has estimated an export potential of $80 million with Iran. Chairman Waheed Ahmed said: “Pakistan can ship 80,000 tonnes of kinno worth $50 million annually, followed by 15,000 tonnes mango of $10.3m, mango pulp of $30,000 and […]

Int’l Banks Exploring Prospects in Iran

By John Lee. Reuters reports that Dubai’s largest lender, Emirates NBD (ENDB), is just one of the many banks that are already meeting prospective clients and taking legal advice about entering Iran. According to the report, non-U.S. banks may trade with Iran without fear of punishment in the United States, but U.S. banks may not, […]

Iran-India Energy Cooperation Opens New Horizons

By Dr. Reza Yeganehshakib, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Last month, Turkmenistan began construction of an ambitious $7.6 billion pipeline to export natural gas to India via Afghanistan and Pakistan. The project, known as TAPI (Turkmenistan-Afghanistan-Pakistan-India), will supply 33 million cubic meters […]

Will South Pars help Revive Iran’s Economy?

By Dr. Reza Yeganehshakib, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Will South Pars help bring Iran’s economy back to life? The Persian Gulf is home to one of the largest independent gas reservoirs in the world. Shared between Iran and Qatar, the Iranian […]

SCO to consider Full Membership for Iran

By John Lee. The Shanghai Cooperation Organization will consider Iran’s application for full membership immediately after the UN sanctions are lifted, SCO Secretary General Dmitry Mezentsev (pictured) said on Monday. He told the Russian newspaper Izvestia: “The organization wishes success to Iran in the completion of work on Iran’s nuclear program to implement as expeditiously […]

Tehran Urges New Delhi to Repay Oil Debts

Officials from Iran and India held negotiations in New Delhi on bilateral crude oil transactions during which the Iranian side demanded settlement of oil sale arrears as the Indian side was willing to purchase additional quantities following removal of anti-Iran sanctions, said an official in the National Iranian Oil Company (NIOC). “Settlement of Iran’s unpaid […]

Iran ‘in Talks’ for $4.5bn Undersea Gas Pipeline to India

By John Lee. The Managing Director of the National Iranian Gas Export Company (NIGEC) has said that Iran is discussing a plan to lay a $4.5-billion subsea pipeline to export natural gas to India. But Alireza Kameli (pictured) also told The Economic Times that a proposal for another pipeline between the two countries via Pakistan […]