Iran for resumption of oil trade with India
Iran’s Deputy Foreign Minister Majid Takht Ravanchi is on a visit to India seeking to resume trade in oil and natural gas, which was suspended in 2019 following US-backed sanctions.
Other items on the agenda include increasing bilateral trade in both energy and non-energy sectors, improving connectivity and tourism, regional and international security and adding projects at the Chabahar Port in Iran.
A senior Iranian official was quoted by a news agency as saying, “We used to have good economic ties but they are not same after sanctions, nevertheless there are opportunities to have better traditional energy trade.”
Iran is expected to suggest to India to make a petro-chemical plant at the Chabahar port, which is not on the list of sanctioned entities in Iran. This plant can possibly be used for future trade in oil. In May last year a 10-year agreement was signed by India and Iran to develop the port as a regional connectivity hub was signed in May last year.
