Iran ready to sign IPI gas pipeline pact soon

IPI Gas PipelineMumbai, Mar 6: Iran has said that it is ready to sign the India-Pakistan-Iran gas pipeline deal, but added that technical issues between India and Pakistan are hindering the process.

'We are ready to sign the agreement as soon as possible,' Iran’s Deputy Foreign Minister for Economic Affairs, Mohsen Talaei, told reporters here.

Speaking at a meeting here on 'Iran and India Trade Relations, Opportunities and Advantages', organised by the All India Association of Industries, Talaei said: 'We are in the process of proceeding with the pipeline.'

Stressing the need for energy security and international cooperation, Talaei said: 'Everything is okay from our side (regarding the pipeline). There are some technical issues between India and Pakistan.'

'It is stuck over issues such as price and transition fees. We are trying to find a balancing point on these issues', he added.

Referring to the US influence on India, he said, if individual parties involved take their own decisions, we will get a result.

He said there are opportunities for India to invest in the agriculture and the industry sector in Iran.

International Petrochemical Company President Mohammad H Rahbari, who was a member of the group which signed on the Indo-Iran gas pipeline in 2004, said apart from the pipeline there were many other opportunities for both countries like to explore.

'Iran is the power house for hydrocarbon supply, while India has a demand for the same, and there can be cooperation between the two countries,' he added.

Iran's Deputy Minister for Financial and Economic Affairs, Kord Zanganeh said there was huge scope for Indian entrepreneurs in Iran.

The gas deal is worth 22 billion dollars. Under the proposed accord, India will import five million tons of liquefied natural gas a year for 25 years. (ANI)