- Iranians holding Ashura mourning for Imam Hussein
- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, Jan 2 - India’s biggest refiner expects Iran to invest in a refinery expansion project at one of its subsidiaries after New Delhi decided to facilitate the repayment of about $1.5 billion in outstanding debt to Tehran.
TEHRAN, Young Journalists Club (YJC) - Indian Oil Corp Ltd plans to invest up to 356.98 billion rupees ($5.1 billion) at the Nagapattinam refinery run by its subsidiary Chennai Petroleum Corp Ltd in which Naftiran Intertrade holds a 15.4 percent stake.
Doubts have been raised about Iran’s participation after India cut back its Iranian crude oil imports following US sanctions but India’s decision to exempt rupee payments to Iran for crude oil imports from taxes may have encouraged Tehran.
On Wednesday, Indian Oil chairman Sanjiv Singh was quoted as saying that Iran has not ruled out participating in the expansion of the 20,000 barrels per day (bpd) refinery in Southern Tamil Nadu state.
Chennai Petroleum plans to boost capacity at the Nagapattinam facility by nine-fold to 180,000 bpd at a cost of the 27,500 crore rupees and its Managing Director S.N.
Pandey expects Naftiran to commit 1,500 crore rupees.
Naftiran Intertrade is a trading arm of state-owned National Iranian Oil Company (NIOC) based in Switzerland. Its presence in India is focused on surging fuel demand that has turned the country into a prized market for global oil producers.
Iran has been a reliable source of crude for India which got an exemption from US sanctions in November to continue imports.
However, the sanctions have led to a debt buildup, with the Iranian oil money being kept in India’s government-owned UCO Bank in the Indian currency.
Making the matters worse, the income deposited in an Indian bank is subject to a withholding tax of 40 percent plus other levies which render Iran’s oil sales to India ridiculously cheap.
With the payments frozen by the refiners, the Indian government has reportedly intervened and exempted rupee payments to Iran from the steep tax.
An Indian Oil official was quoted on Monday as saying that the company would start making payments to Iran from January.
According to Reuters, India’s overall imports from Iran totaled about $11 billion in April-November 2018, with oil accounting for about 90 percent of the imports.
Iran can now use its rupee funds to import goods from India, pay the costs of its diplomatic missions or make direct investment in Indian projects because it cannot repatriate the money.
Pandey said that Chennai Petroleum is also building a petrochemicals plant of about 475,000 tons per annum capacity.
One Indian government official explained that in the previous round of sanctions Iran was allowed to use funds for imports from India “but this time, we have expanded the scope for use of funds to benefit both nations.”
Source: Presstv
Your Comment