India keen to deepen longstanding, economic cooperation with Tehran

Signaling a new chapter of peace and prosperity and representing a significant success for patient diplomacy, India welcomed the announcement of lifting of nuclear-related sanctions against Iran and External Affairs Ministry said that India is keen to further develop its longstanding economic cooperation with Tehran, including in the spheres of energy and regional connectivity, with the fear of being sanctioned by the US and Europe, so far.

Indian firms have avoided from investing in Iran, which was discouraging New Delhi from claiming rights to invest nearly $7 billion in the biggest gas discovery ever made by an Indian firm abroad. However, now after the lifting of sanctions, India is making a renewed pitch for rights to develop 12.8 Trillion cubic feet of gas reserves.

Recently, following the UN nuclear watchdog’s finding that Tehran had curbed its nuclear program as promised, the US and the EU have lifted crippling sanctions against Iran.  Earlier, under the pressure from US and other western powers, India had cut down purchases to 11 million tons in 2013-14 from 21.2 million tons in 2009-10 from its second biggest oil supplier.