An Indian state-owned oil and gas company is seeking to build a petrochemical plant worth $3 billion in Iran, media reports said.
ndian Oil Corp., the biggest oil refiner in India, seeks to use Iran’s “cheap natural gas as feedstock” and produce 1 million tons of petrochemicals per year, Reuters quoted people with direct knowledge of the matter as saying on Monday.
The move by India comes as foreign countries and companies are rushing to do deals with the Islamic Republic after the conclusion of diplomatic talks between Iran and the six powers on July 14 in Vienna.
Dubbed the Joint Comprehensive Plan of Action (JCPOA), the deal would subject the parties to comply with a series of commitments, resulting in the termination of sanctions on Iran in exchange for certain restrictions on Tehran’s nuclear program during a defined period of time.
Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.