Indian companies will mark greater presence in Iran’s renewable energy sector with their contribution to an energy park in the Middle eastern country.
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“We are hopeful that this new model is approved by the government within this (Iranian calendar) month”.
The project is part of Iran’s bid to establish 5,000 megawatts of renewable capacity in the country which relies on fossil fuels for 85% of its electricity.
South Korea will consider increasing its imports of Iranian crude oil and condensate when sanctions on Tehran are lifted, a senior government official said on Monday. A company spokesman didn’t respond to requests for comment by phone, text message and e-mail.
Iran has also wanted Prime Minister Narendra Modi’s government to utilise investment opportunities in Iran in the changed circumstances, as years of sanctions on the Persian Gulf nation nears an end.
Iran was once the biggest oil supplier to South Africa – which is Africa’s second-biggest crude consumer, importing around 380,000 barrels per day (bpd) in total.
Indian Oil Corporation will start building a large petrochemical plant in the territory of Iran.
Petrochemicals accounted for 4.4 percent of the the company’s revenues in the year ended March 31, while accounting for nearly 39 percent of its operating income.
Iran’s Oil Minister Bijan Zanganeh said after the delegation’s visit that Seoul agreed to increase its purchases of Iranian oil once a nuclear deal with world powers cleared the way for an easing of worldwide sanctions on Tehran.
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U.S. President Barack Obama on Sunday won the support of another Senate Democrat for his Iran nuclear deal, putting the agreement three votes short of becoming veto-proof.
