India has expressed desire to participate in oil and gas field exploration projects in Iran besides enhancing economic engagement with the country. During the 18th session of the Joint Commission Meeting (JCM) between India and Iran on Monday, External Affairs Minister Sushma Swaraj urged for early completion of all necessary procedures for India’s participation in Farzad-B gas field in Iran.
ONGC Videsh ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has submitted a $10 billion integrated proposal to Iran for developing the Farzad-B gas field in the Persian Gulf and shipping the gas to India. A consortium of OVl, Oil India ltd and Indian Oil Corp had discovered the 12.8 trillion cubic feet of gas reserves in the Farsi block in 2008. The discovery was named Farzad-B.
During the meeting Ali Tayebnia, Minister of Economic Affairs and Finance of the Islamic Republic of Iran suggested participation of India’s public and private sectors in development of Chahbahar Port and Chahbahar Free Trade Zone (FTZ) and in setting up industrial units in the FTZ.
Swaraj stressed that connectivity afforded by Indian participation in Chahbahar Port will facilitate linking Afghanistan and Central Asia with India. She also underlined the efforts made by both sides to enhance bilateral economic cooperation in energy, infrastructure - including shipping, ports and railways - and trade and commerce. In this connection the two sides discussed possibilities in cooperation in railways, including by supply of rails, rolling stock, signalling and other works and India’s participation in Chahbahar — Zahedan — Mashhad railway line.
Swaraj mentioned that India considers Iran as an important partner and expressed satisfaction at the growing bilateral interaction in diverse area.
Tayebnia also called on the Prime Minister, who warmly recalled his meeting with the President of the Islamic Republic of Iran in Ufa earlier this year and reiterated the keen desire of India to expand its economic cooperation with Iran.
The JCM was preceded by meetings of the Joint Working Group (JWG) on Trade and Commerce (18th-19th Novem-ber 2015), Joint Working Group on Energy (26th December 2015) and Joint Working Group on Infrastructure (26th-December 2015).