17 July 2019 - 18:25
Journalist ID: 2374
News Code 83400448
1 Persons
Envoy: Iran vows to develop Indian oil refinery

Tehran, July 17, IRNA – Iran's Ambassador to India Ali Chegini said on Wednesday that Tehran is ready to invest in southern India oil refinery.

"We have no limit to work with India in terms of investment or conducting joint venture cooperation,  "Ali Chegini was quoted by Indian media as saying.

Chegeni said he hoped that Bank Pasargad, a major Iranian bank which offers commercial and retail services, will soon open a branch in India to directly deal with India's UCO Bank and IDBI Bank.

According to Indian media, Chennai Petroleum plans to invest up to 356.98 billion rupees ($5.1 billion) to replace the 20,000 bpd Nagapattinam refinery in Southern Tamil Nadu state with a 180,000 bpd plant.

"Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, holds a 15.4% stake in Chennai Petroleum Corporation LtdNSE 1.34 %, a subsidiary of India's biggest state-owned refiner Indian Oil CorpNSE -0.14 % Ltd," he added.

After China, India was the biggest buyer of Iran oil but after the imposition of sanctions by the US and removing oil imports exemption, India decreased oil imports from Iran.

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