India plans $3 billion petrochemical plant in Iran
State-owned oil and gas corporation Indian Oil Corp. is courting Tehran for the construction of a $3 billion petrochemical plant in Iran which owns the world’s largest proven gas reserves, media reports say.
The company plans to produce 1 million tons of petrochemicals a year provided that Iran supplies it “cheap natural gas as feedstock”, Bloomberg reported on Monday, citing people with direct knowledge of the matter.
India has stepped up outreach to Iran since the conclusion of nuclear talks. No other regional country with abundant hydrocarbon reserves is closer to India than Iran in terms of distance.
In its race with China for economic prominence, New Delhi is trying to make the most from a planned lifting of anti-Iran sanctions which curbed its business with Tehran mostly because of India’s deference to the US.
The Indian government plans a number of projects worth several billion dollars in Iran, including upstream gas production, port development and metal processing.
Iran’s Ambassador to India Gholamreza Ansari recently said the Islamic Republic would welcome India's participation in various "big ticket projects" in diverse sectors.
Indian media had earlier said the country was looking for an Iranian partner to set up a urea manufacturing plant in Iran at a cost of $783 million.
A consortium of three Indian companies sought to form a joint venture with Iranian partners to build the plant in Chabahar with a capacity of 1.3 million tonnes, they said.
The facility will use Iranian natural gas as feedstock and the urea produced at the plant will be exported to India.
Last week, India's ONGC Videsh said it has submitted Iran a revised plan for development of the giant Farzad-B gas field in the Persian Gulf.
India has also signed a memorandum of understanding to develop Iran’s strategically-located Chabahar port but a commercial accord has yet to be inked in order to start the project.
New Delhi further plans to construct an aluminum smelter and a captive power plant in Iran in a project worth about $2.6 billion.
Iran not worried that Trump may toughen oil sanctions: Minister
Iran’s oil output falls slightly in October, OPEC data show
Iran authorizes imports and sale of unleaded gasoline at free prices
VIDEO | Press TV's news headlines
VIDEO | Nurses protest against Israeli genocide at UN HQ
VIDEO | France-Israel football row
VIDEO | Archbishop of Canterbury quits over handling of abuse by pedo volunteer John Smyth
Hezbollah hits Tel Aviv with ballistic missiles; debuts tactical rocket in anti-Israeli struggle
VIDEO | Iraqi resistance fighters strike ‘vital targets’ across occupied territories
VIDEO | Hezbollah leader to fighters: You are the pride shaking foundations of Zionism
Iran not worried that Trump may toughen oil sanctions: Minister
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
