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India may invest Rs 2L-cr at Chabahar port in Iran

India may invest Rs 2L-cr at Chabahar port in Iran

India is eying investments to the tune of Rs 2 lakh crore at Chabahar port in Iran in various infrastructure projects, Union Minister Nitin Gadkari said today.

The investments, however, will depend on the outcome of the negotiations on gas price as Iran has offered to supply natural gas at USD 2.95 while India wants rates to be lowered.

Meanwhile, three more countries have offered gas to India, which will be examined, Road Transport, Highways and Shipping Minister Gadkari said at an interaction with media at Indian Women Press Corp here.

“India is ready to invest Rs 2 lakh crore at Chabahar SEZ in Iran but the investments would depend on gas prices as India wants it to be lowered,” Gadkari said.

He added that various Indian companies are ready to invest in Iran in various projects ranging from road and rail to shipping and agriculture.

The total investment in the projects will be around Rs 2,00,000 crore, Gadkari said.

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Asked about the development of the port, he said: “Various ministries have given their report to the Shipping Secretary and Prime Minister Narendra Modi will soon take a call on it.”

With the US and other western powers easing sanctions against Iran, India has been in talks with Tehran to set up a gas-based urea manufacturing plant at the Chabahar port, besides developing a gas discovery ONGC had made.

On talks on supply of natural gas, Gadkari said that Iran has offered gas to India at USD 2.95 per million British thermal unit to set up urea plant at the Chabahar port but India is negotiating the gas price, demanding lowering the same.

The rate offered by Iran is less than half the rate at which India currently imports natural gas from the spot or current market.

Long-term supplies from Qatar cost four-times the Iranian price.

India, which imports around 8-9 million tonnes of the nitrogenous fertiliser, is negotiating for a price of USD 1.5 per mmBtu with the Persian Gulf nation in a move which if successful will see a significant decline in the country’s Rs 80,000 crore subsidy for the soil nutrient.

Friday, October 09, 2015
By : Business Standard

http://www.defencenews.in/defence-news-internal.aspx?get=new&id=nxvBMcbO19M=

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