India’s Modi to visit Iran in search for more oil

Prime Minister Narendra Modi will visit Tehran next week, as India seeks to double its oil imports from a sanctions-free Iran and deepen traditional ties.

The foreign ministry said Modi will pay an official visit to Iran on May 22-23. He will meet the Supreme Leader of Iran and also President Hassan Rouhani.

India is looking at doubling its oil imports from Iran apart from getting rights to develop a massive gas field and the Chabahar port, which has been hanging for some years.

New Delhi is to clear a $6.5 billion oil import bill from Iran, which was its second biggest supplier at one point. According to officials, a deal has been struk to make payments in euro through Turkey’s Halkbank.

India will clear all the dues in Euros. Turkey’s Halkbank has been identified to facilitate the payment.

 

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