India is planning to invest US$20 bln in oil, petrochemicals and fertiliser projects in Iran in order to import more crude to meet its demand. Indian Oil Minister Dharmendra Pradhan made the investment offer to Iranian counterpart Bijan Namdar Zanganeh during a two-day visit in Tehran, as per explorationanddevelopment.energy-business-review.com. Pradhan said that the country is seeking to invest in oil and natural gas, build petrochemical plants and gas-processing facilities and expand ports, by developing new industrial hub of Chabahar, in Southeastern Iran.
Pradhan requested Iran to allocate appropriate and adequate land in the Chabahar SEZ as well as supply rich gas at a competitive price to India. In particular, India plans to increase its oil imports from Iran from the current volume of 350,000 bpd.