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India mulls over up to $20 billion energy investment in Iran

by ChemOrbis Editorial Team -
  • 11/04/2016 (14:06)
According to media reports, India’s oil minister Dharmendra Pradhan stated that India may invest up to $20 billion in Iran’s energy industry and increase its crude oil imports from the country if favorable import terms are present.

The minister stated that Indian companies are weighing opportunities such as exploring for oil and gas and building petrochemical plants in Iran, adding that crude oil imports could also be increased under good circumstances. Meanwhile, Iranian oil minister Bijan Zanganeh expressed that India is currently importing around 350,000 barrels per day of Iranian oil.

In early February, Iran had asked India to pay its pending oil debt of over $6 billion in euros as Iran would not be able to receive transactions through the US financial system due to sanctions.
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