Indian delegations to visit Iran to discuss bilateral ties

India is preparing for higher investments in Iran. New Delhi foresees opportunities once Western sanctions are lifted. An official Indian delegation Delhi is already visiting Iran. Upstream oil companies are part of the delegation. These include ONGC Videsh and Mangalore Refinery and Petrochemicals. Iran has several oil and gas related investment opportunities. These could go up to $220 billion.

India wants development rights at Farzad-B gas field. These could be worth $7 billion. India wanted to make those investments earlier. But it changed plans under pressure from the United States. Now, India will seek better terms for its investments.

Analysts hope that once Western sanctions against Iran are completely lifted, India would be able to quickly move ahead with projects that have been held up for years with greater investments and expertise. Last year India took the crucial decision to make the investment in Iran’s Chabahar port and since then, the Indian government has fast tracked the project.New Delhi also wants more crude oil from Iran. It is already the second largest importer of Iranian oil. It imported 220,000 million tons from the country in the past one year.