India to establish reverse SEZ for chemical sector in Iran
Under the aforementioned project, India has proposed building a methanol production unit in Iran, output from which will be exported to India and used for producing end use chemicals.
In addition, India’s Prime Minister Narendra Modi previously stated that India is willing to help with the development of the Chabahar port project. The two countries had initially agreed on the port project in 2003, but progress has been slow owing to sanctions against Iran stemming from its nuclear program.
It was reported that India sees the Chabahar port as an alternative route to Afghanistan and resource-rich Central Asian countries and so far has spent $100 million for the development of a road that will connect the port to western Afghanistan, thereby giving India access to landlocked Central Asian countries that would not require passage through Pakistan. The Chabahar port, which is located in the Gulf of Oman, is currently able to handle 2.5 million tons per year of cargo. Iran aims to raise the port’s capacity to 12.5 million tons.
Meanwhile, Iran and India are also planning to establish a direct shipping line from Chabahar to Mumbai in order to ease exports of Indian goods to Central Asia, the Caucasus and Europe. India is Iran’s second largest oil consumer after China with a purchase value of around $12 billion per year.
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