Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Iran Set to Invest in Chennai Petroleum Corporation, Says Ambassador

India was Iran's top oil client after China, but halted imports after Washington withdrew exemptions in May to eight nations, including India, who were earlier allowed to import some Iranian oil.

Reuters

Updated:July 16, 2019, 8:17 PM IST
facebookTwitterskypewhatsapp
Iran Set to Invest in Chennai Petroleum Corporation, Says Ambassador
Image for representation. (Photo: Reuters)
Loading...

New Delhi: Iran is ready to invest in the expansion of a South Indian refinery, an Iranian official said in New Delhi on Tuesday, as the country seeks new avenues of growth amid debilitating U.S. sanctions.

Iran has seen a massive drop in export earnings which is eating into funds for social development. This has raised questions that it might not invest in the expansion of a refinery in South India where it already holds a minority stake.

Iran's participation has also been questioned after India cut back its Iranian crude oil imports following U.S. sanctions and stopped them completely from May.

"We have announced our readiness for that (to invest in the refinery)," said Ali Chegeni, ambassador of Iran in India.

"We have no limit to work with India whether investment, whether any kind of joint venture, we are ready for that."

India was Iran's top oil client after China, but halted imports after Washington withdrew exemptions in May to eight nations, including India, who were earlier allowed to import some Iranian oil.

Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, holds a 15.4% stake in Chennai Petroleum Corporation Ltd, a subsidiary of India's biggest state-owned refiner Indian Oil Corp Ltd. Indian Oil has about 52 percent share in the refinery.

Chennai Petroleum plans to invest up to 356.98 billion rupees ($5.1 billion) to replace the 20,000 bpd Nagapattinam refinery in Tamil Nadu state with a 180,000 bpd plant.

Chegeni said he hoped that Bank Pasargad, a major Iranian bank which offers commercial and retail services, will soon open a branch in India and will directory deal with UCO Bank and IDBI Bank Ltd that were handling India's oil payments in rupees to Tehran.

India was paying for oil imports in rupees before suspending its purchases.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 536.85 -2.52
Yes Bank 76.65 -3.52
Reliance 1,292.60 1.14
HDFC Life 524.55 -2.89
Axis Bank 685.00 1.38
Company Price Change %Gain
IndiGrid InvIT 86.50 -1.59
Indiabulls Hsg 536.55 -2.64
Yes Bank 76.70 -3.46
Reliance 1,292.10 1.15
HDFC Life 524.35 -2.95
Top Gainers
Company Price Change %Gain
Sun Pharma 426.00 2.72
Bharti Infratel 255.30 2.45
Tech Mahindra 670.35 1.72
Axis Bank 685.00 1.38
Larsen 1,352.20 1.27
Company Price Change %Gain
Sun Pharma 425.80 2.66
Axis Bank 685.00 1.40
Larsen 1,352.20 1.30
Reliance 1,292.10 1.15
ICICI Bank 423.40 1.01
Top Losers
Company Price Change %Gain
Yes Bank 76.65 -3.52
Grasim 732.35 -2.65
Indiabulls Hsg 536.85 -2.52
Power Grid Corp 207.05 -1.94
GAIL 127.30 -1.81
Company Price Change %Gain
Yes Bank 76.70 -3.46
Power Grid Corp 207.10 -1.96
ONGC 126.25 -1.48
SBI 286.70 -1.46
Coal India 199.05 -1.39

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results