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India seeks to salvage reckless loss in Iran

Source: Press TV

Indian oil minister plans to visit Tehran at the head of a delegation to win back development of a major gas field, which New Delhi lost by dawdling under US pressures. Dharmendra Pradhan will visit on the heels of Indian Finance Secretary Rajiv Mehrishi who traveled to Tehran with officials from the finance, petroleum and natural gas ministries and the Reserve Bank of India.

India is adamant to resurrect its rights to development of the Farzad-B gas field in the Persian Gulf.

“The petroleum minister will soon be leading an Indian delegation to Tehran in the coming weeks to discuss energy cooperation between the two nations," a senior Oil Ministry official was quoted as saying.

India is adamant to resurrect its rights to development of the Farzad-B gas field in the Persian Gulf. Iran cancelled out the contract with OVL after the Indian entity dragged its feet on the $7 billion project.

The field, estimated to hold reserves of 12.8 trillion cubic feet of gas, was discovered by the ONGC Videsh Ltd (OVL) in the Farsi offshore block in 2008.

New Delhi is seeking to mollify Tehran by repaying $6.5 billion in an outstanding debt which it owes to Iran for purchase of crude oil. India says it wants to expedite the repayment in order to raise oil imports from Tehran.

On Monday, Iran’s Minister to New Delhi Gholamreza Ansari said the Islamic Republic will welcome India's participation in various "big ticket projects" in diverse sectors.

He said Tehran and New Delhi can work together in mega connectivity projects in the region, the Indian media reported.

India has signed a memorandum of understanding to develop Iran’s strategically-located Chabahar port but a commercial accord has to be inked yet in order to start the project.

Ansari earlier said Tehran has offered India $8 billion worth of infrastructure projects, including a stake in developing Chabahar.

Indian officials, quoted by the country’s media, have also said they would push for the revival of the $7-billion gas pipeline from Iran which has to cross Pakistan.

India dropped out of the massive project under US pressure but a recent opening in the business environment in Iran has prompted Indian leaders to make a fresh bid for the pipeline.

Ansari said it was up to India and Pakistan to sort out their differences. “We are for big projects. It is up to them which project they want to be part of," he said.


... Payvand News - 08/04/15 ... --

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