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India to increase oil, gas investment in Iran

18 Apr 2016

India and Iran have recently revealed their commitment towards boosting bilateral economic ties in the Gulf nation.


External Affairs Minister, Sushma Swaraj and Iranian Foreign Minister, Mohammad Javad Zarif met last week in the Iranian capital to talk about the need for Indian investment in the oil and gas sectors of Iran.


“Both sides agreed that the commercial contract on Chabahar as well as the modalities for extending $150 million credit for Chabahar port should be signed in the very near future,” said Vikas Swarup, Indian external affairs ministry spokesperson. “Both sides discussed the energy partnership. Iran said it would be happy to participate in the refinery sector in India.”


Sushma Swaraj’s visit comes two weeks after Prime Minister Narendra Modi’s visit to Saudi Arabia. Both India and Saudi Arabia are eager to improve their strategic ties and improve investment within the industry.

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