India signs agreement with Iran for crude oil imports and petrochemical complexes development

In a bid to encourage energy partnerships in the post-sanctions period, India has signed an agreement with Iran for crude oil imports and the development of petrochemical complexes and gas fields. India has stated its intent of increasing imports from Iran from the current level of 350,000 barrels of oil per day (bopd). It has also announced an investment of $20 billion towards the development of Chabahar port in southeastern Iran. India has already extended an over $100 million line of credit for berths and jetties at the port.

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