Investment in Oil/Petrochemical Sector The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Lok Sabha in a written reply today that during his visit to Iran on 9th April, 2016, It was conveyed to the Iranian side that the Indian Companies could invest up to $ 20 billion and were interested in setting up petrochemical and fertilizers plants, including in the Chahabar SEZ, either to joint venture between Indian and Iranian public sector companies or with private sector partners. In this regard, he requested Iran to allocate appropriate and adequate land in SEZ. No MoU was signed in this regard. During his visit to Iran on 9th April, 2016, Shri, Pradhan, expressed Indias interest in importing LPG from Iran and said that companies from both sides could discuss on setting up an extraction plant in Chahabar, if required. Both sides agreed to continue examining various means of evacuation of gas such as LNG, including through the proposed Iran-India-Pakistan Pipeline. He also expressed Indias interest in setting up an LNG plant and gas cracker in Chahabar port. He also requested Iranian side for favourable treatment in the pricing of gas for India and also supply of rich gas at competitive price and on long term basis for the life of the joint venture projects that Indian companies are interested in setting up. He said that competitive gas pricing was crucial in making the projects attractive for the prospective investors. Also during his visit to Iran Sh. Pradhan, conveyed that India was committed towards making payments as and when banking channels, acceptable to both sides, were available. Matters relating to oil and gas are discussed at various levels including Joint Working Group, Joint Commission as well as at the level of Ministers. There are regular exchange of delegations to pursue matters of mutual interest. YKB/RG/Rk
