India executives in Iran for energy ventures

Executives of India’s biggest energy, power and petrochemical companies have arrived in Tehran to explore investment opportunities in the wake of the recent opening in Iran’s trade environment. 

They are visiting with the aim of prospecting in Iran’s oil, petrochemical and power industries, the Mehr news agency on Wednesday cited head of the delegation Majid Javdani as saying.

“The delegation intends to use the remaining time for the complete removal of the sanctions to study investment opportunities in Iran’s power, energy and petrochemical industries,” he said.

An executive of Suzlon Energy, one of the world’s major wind turbine suppliers, is traveling with the delegation which plans to meet with representatives of Iranian state and private sectors.

“Iran has significant capacities and potentials for generation of electricity from wind and solar energies and this Indian company has announced readiness to participate and construct wind power plants in Iran,” Javdani said.

“Definitely, Iran is regarded as a big energy market for Indian investors after the abolition of the sanctions.”

The Renewable Energy Organization of Iran (SUNA) has said it will buy 80 wind turbines this year for power generation. Iran is the biggest generator of electricity in the Middle East, producing 277 billion kilowatt hours (kWh) of power last year.

Iran has offered India $8 billion worth of infrastructure projects, including a stake in developing the strategic port of Chabahar, the country’s ambassador to New Delhi has said.

Ambassador Gholamreza Ansari has said there was a “golden time” for India to seize on investment opportunities in Iran after the conclusion of nuclear negotiations between the Islamic Republic and the P5+1 group of countries.

India’s ONGC Videsh (OVL), the offshore arm of Oil and Natural Gas Corporation, has indicated willingness to make a new bid for Iran’s Farzad-B gas field in the Persian Gulf.

Indian media have also said the country planned a $3 billion aluminum smelter complex in Iran mooted in 2014.

By Press TV