PM Modi’s Iran visit aims to double oil imports

The Dollar Business Bureau

With India looking forward to beef up engagements with sanction-free energy-rich countries, Prime Minister Narendra Modi is scheduled to fly to Iran on a two-day official tour on May 22nd and 23rd.

India is aiming to double oil imports from the Gulf country, which was the second largest oil supplier a few years ago.

India is also bidding to obtain the rights to develop a gas field in Iran

A deal to develop Chabahar ports is likely to be struck between the two countries during the official visit. The visit was planned in accordance with the invitation sent by the President of the Islamic Republic of Iran, Dr. Hassan Rouhani, to PM Modi, said Ministry of External Affairs of India.

Modi is expected to hold talks on various subjects of mutual interests and benefits with Rouhani.
Post sanctions, Iran saw a flurry of business activities with Chinese, Russian leaders trying to win over Tehran.

However, the better bilateral ties and mutual benefits can be expected in near future as secondary sanctions imposed on Iran were lifted in early 2016.

Besides having a significant overlap in security and economic space, Iran and India share a bond that dates back centuries.

The PM’s visit will seek to foster the growth of commonalities by focusing on development of energy partnership, cooperation and coordination in infrastructure and regional connectivity, strengthening bilateral relations and promoting peace in the region.