An Indian delegation consisting of officials from ONGC Videsh and Mangalore Refinery and Petrochemicals Ltd, has met and conferred with officials of the National Petrochemical Company (NPC).

The meeting, took place at the headquarters of the NPC in the capital, Tehran, on Saturday, as prospects for a nuclear deal between Iran and world powers have encouraged foreign companies to seek new business opportunities in Iran.

According to Fars news agency, the meeting was held behind closed doors, but experts say Indian delegates are in Tehran to discuss, among other things, participation and investment in Iran's new petrochemical projects, especially in Asalouyeh Special Economic Zone and Iran's southeastern port city of Chabahar.

Last year, another Indian delegation comprising India�s ambassador to Tehran and representative of the Indian Ministry of Chemicals and Fertilizers as well as the managing director of GACL company, accompanied by two officials of Iran's Chabahar Free Trade Zone, inspected petrochemical projects in Makran region in southeast Iran.

During the visit, representative of the Indian Ministry of Chemicals and Fertilizers indicated his country�s willingness to invest in Iran's methanol, ammonia, and urea projects.

Chabahar port in Makran region is expected to attract USD 10-12 billion in investment to become the country�s third petrochemical hub after Asalouyeh and the port city of Mahshahr.

Based on current estimates, new petrochemical complexes to be built in this region will be capable of producing up to 20-22 million tons of petrochemical and polymer products, including urea, ammonia, methanol, propylene, and polypropylene.

India is the second biggest customer of Iran's crude oil after China, but its imports from Tehran relatively decreased in recent years as a result of sanctions imposed on Iran by Western countries, claiming there is a military aspect to Iran's peaceful nuclear program. Iran has categorically rejected the allegation.

The Islamic Republic and the P5+1 group of countries � the US, the UK, France, Germany, Russia and China � reached a mutual understanding on April 2 in the Swiss city of Lausanne, which is considered a prelude to the achievement of a comprehensive deal before a self-designated deadline at the end of June. A key point of Lausanne statement was a promise to lift a series of economic sanctions on Iran � including those on the country�s oil industry.

Following the Lausanne understanding Iran's oil industry officials said international companies have voiced interest in taking up projects in the country�s oil industry.

By Press TV