Indian delegation in Tehran for oil talks

A high-ranking Indian delegation has arrived in Tehran to hold talks over new oil contract with Iran.

The delegation is headed by Shri Ashutosh Jindal , the director of Indian Ministry of Petroleum & Natural Gas.

Officials from ONGC Videsh and Mangalore Refinery and Petrochemicals Ltd are said to be part of the delegation.

The Indian officials are to meet with their Iranian counterparts on Saturday.

Expansion of ties between Iran and India, increasing oil imports from Iran, investment in Iran’s energy sector, as well as the establishment of a deep sea gas pipeline to transfer Iran’s natural gas to India, are among the issues expected be discussed in the meeting.

India is Iran’s second biggest client after China. India’s oil imports from Iran relatively decreased in recent years as a result of sanctions imposed Tehran by Western countries over Tehran’s nuclear program.

Indian refiners imported 21.5 percent less Iranian oil than the previous month. The imports of 273,000 barrels per day (bpd) were about a third less than a year ago.

Iran’s oil exports are subject to US-led sanctions and Asian buyers must maintain purchases at levels not topping 1.1 million bpd all in all.

Indian companies are seeking to invest in Iran’s energy sector following the recent mutual understanding reached between Iran and P 5+1 group of countries over Tehran’s nuclear program.

Iran and the P5+1 — the United States, Russia, China, France, Britain, and Germany — reached a mutual understanding on Tehran’s nuclear program in Lausanne, Switzerland, on April 2.

The two sides are expected to start drafting a final inclusive deal, which they seek to sign by the end of June.

According to the joint statement, which is considered the basis for a final nuclear deal, the two sides have devised a mechanism to lift anti-Iran sanctions after the agreement, known as the Joint Comprehensive Plan of Action (JCPOA), is reached.

By Press TV