India, Iran to expand oil ties

Iranian President Hassan Rouhani on Sunday assured external affairs minister Sushma Swaraj that his country can be a “reliable partner” for India’s energy needs as the two nations decided to significantly expand engagements in their overall ties, particularly in the oil and gas sectors.

Ms Swaraj, who arrived here on Saturday, called on Mr Rouhani and held talks with her Iranian counterpart, Javad Zarif, besides meeting Supreme Leader Sayyed Ali Khamenei’s adviser, Ali Akbar Velayati, and deliberated on a range of issues. “Iran can be a reliable partner for India’s energy needs,” Mr Rouhani told Ms Swaraj.

India has been eying deeper energy ties with Iran following lifting of nuclear sanctions and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there. India is also keen to increase oil imports from Iran from current 350,000 barrels a day.

Mr Rouhani spoke of Chahbahar port as a “defining partnership which has the potential of connecting the entire region”, ministry of external affairs spokesperson Vikas Swarup told PTI.