Iran might contemplate an extension of the sub-sea pure fuel pipeline from Oman to India, its Deputy Overseas Minister for Financial Relation Mehdi Safari mentioned in an announcement on Friday.

“Already, Iran is constructing this pure fuel pipeline to Oman, which will be prolonged to India as much as Porbandhar,” Safari mentioned whereas talking at an interactive assembly organised by MVIRDC World Commerce Middle Mumbai on Thursday night, it added.

The deputy overseas minister was in Mumbai to advertise the ‘Iran Expo 2023’ to be held from Might 7-10 this 12 months in Tehran and discover commerce and funding collaborations throughout 11 main classes, MVIRDC World Commerce Middle Mumbai mentioned within the launch.

Regardless of financial sanctions, India is among the many high 5 commerce companions of Iran, and each nations are strategic companions, the assertion quoted the deputy overseas minister as saying.

“Our export to India has grown 60 per cent in 2022, and within the final two months, it has grown 90 per cent. This suggests diversification of commerce away from crude oil. Iran is dedicated to satisfy the power wants of India,” it added.

Stating that his predominant goal to go to India was to advertise the Chabahar port within the South of Iran as a gateway for India to entry Central Asia, Caucasian and European markets by way of the Worldwide North-South Transit Hall, the minister mentioned, “We’re additionally working with Persian Gulf nations, together with Emirates and Qatar to advertise commerce by way of this hall”.

“The event of Shahid Beheshti port in Iran with the funding of the Indian authorities is on the agenda, and I anticipate the tempo of implementation of this challenge to be accelerated. There are additionally different alternatives to put money into infrastructure, tourism in addition to manufacturing initiatives on this area,” the minister mentioned.

Talking on the event, Iran’s ambassador to India Iraj Elhai mentioned, “India continues to be a serious commerce companion of India. Iran can provide crude oil and fertiliser for power and meals safety”.

The ambassador identified that the West Asian nation continues to thrive as an energetic companion not solely within the Asian area but in addition in Africa and Europe, regardless of 40 years of US sanctions.

“Right this moment, we now have created an alternate SWIFT cost settlement mechanism with 10 nations to bypass US sanctions. We’re additionally engaged in barter commerce in power, biomedicine, medical tools and different merchandise with overseas nations,” the assertion quoted Elhai as saying.