Notwithstanding sanctions against Iran, India is set to scale up economic and commercial engagement with it with proposals for joint investment in infrastructure and joint exploration of oil high on the agenda.
These proposals are besides India's decision to participate in the upgradation of strategically-crucial Chahbahar port of Iran, which will give access to Afghanistan.
External Affairs Minister Salman Khurshid said Iran had offered joint exploration and Production Sharing Agreement in an oil block which will be pursued.
In this regard, the Iranian Oil Minister will be visiting in India shortly.
"We are willing to do joint investment for them in Iran or in India. That is not a problem," he told PTI in an interview while returning home after winding up a three-day visit to Iran during which he held talks on a broad range of subjects.
Giving examples, Khurshid said India has strategic interest in energy security. "If we have a joint investment, we give greater confidence to each other and then we get the best," he said.
During Khurshid's talks with his counterpart Ali Akbar Salehi under the framework of Joint Commission on Saturday, the Iranian side offered Production Sharing Agreement on exploration of a major oil block in the energy-rich country.
"We have an offer...The offer is to participate in one of their oil fields... And we must now respond," he said, adding Iran is keen to pursue this offer which is reflected by their decision to send the Oil Minister here.
"If the Oil Minister is coming to India, that means he is serious. He is pursuing this," Khurshid said.
