Nematzadeh, the deputy minister of petroleum and gas and chairman of the National Petrochemical Company (NPC) of Iran, said the pipeline would help India surmount gas shortages.
The Iranian minister was speaking at an interactive session organised by the Confederation of Indian Industry here today.
Nematzadeh also said there was a great opportunity for Indian companies in offshoring and onshoring in the Persian Gulf.
He said NPC was considering major expansions and there was scope for joint ventures between Indian and Iranian companies.
He said Indo-Iran bilateral trade had increased since 1998 and stood at $2.2 billion in 2002. He added that both countries must look at means to increase bilateral trade in the near future.
Speaking on the occasion, Iran ambassador SZ Yaghoubi said the pipeline could prove to be a win-win situation for both countries and added that the project could change the geopolitical situation of the whole region by rendering it more stable.
He said it was natural for India and Iran to press for the completion of the project to promote peace and stability.
