News / Economy

Nuclear deal could revive India-Iran shipping joint venture

Monday, 06 April 2015 2:31 PM [ Last Update: Monday, 06 April 2015 2:33 PM ]

Shipping Corp. of India (SCI) says the recent nuclear understanding between Iran and India could revive Irano Hind Shipping Company.

Shipping Corp. of India (SCI) says the recent nuclear understanding between Iran and the P5+1 group of countries could revive Irano Hind Shipping Company, a joint venture between Shipping Corporation of India and Islamic Republic of Iran Shipping Lines which was dissolved in the face of the US-led anti-Iran sanctions.

“With the changed situation, anything can happen… The government has to take a call on whether to reverse its earlier decision to dissolve the company,” an SCI spokesman was quoted as saying by livemint as saying.

The comments came a few days after Iran and the P5+1 states – the US, France, Britain, Russia and China plus Germany – issued a joint statement at the end of eight days of sensitive nuclear negotiations in the Swiss city of Lausanne.

Iran and the six global powers will work to draw up a final accord by the end of the self-designated June 30 deadline.

“We are looking into the matter now that the scenario has undergone a drastic change with the signing of the framework agreement last week between Iran and western nations,” said a spokesman for the shipping ministry.

SCI held 49% stake in Irano Hind Shipping Company. Back in 2013, New Delhi approved a proposal to liquidate the 37-year-old joint venture in the face of tightening U.S. and European Union sanctions against Tehran.

Revival of Iran-India joint venture is of great significance for New Delhi, the second biggest buyer of Iranian crude after China.

Earlier this year, Chairman of Iran Chamber of Commerce Gholam Hossein Shafeyee announced that Iran and India plan to set up a direct shipping route between Chabahar and Mumbai ports.

Iran’s newly developing Chabahar port, which lies east of the Strait of Hormuz, provides India with access to landlocked Afghanistan as well as Central Asia.

India, Afghanistan and Iran have already been mulling a trilateral transit line which will provide an alternative trade route for commodities to the region, since transit through Pakistan has not been an option.

India, Iran, Oman and Russia have agreed to develop International North-South Trade Corridor which connects freight from the Indian Ocean to Europe and Russia via Iran, Central Asia and the Caucasus.

HA/HA

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.ir