Indo-Iran Pipeline Would Cut Down Cost of Gas to India
According to a press release of India's Confederation of Indian Industries (CII), a copy of which is received by IRNA on Tuesday, Nematzadeh while speaking at an interactive session with leading Indian industrialists, organized by the Confederation of Indian Industry (CII), here said that the Indo-Iran gas pipeline would to a great extent mitigate the shortages at a price, which would prove to be beneficial in the long run.
Nematzadeh also said that there is a great opportunity for Indian companies in offshore and onshore in the Persian Gulf. He apprised those present that NPC was considering expansion in a major way and said that there was scope for mutual joint investments, R & D, engineering and technological cooperation between Indian and Iranian companies.
Speaking on the occasion, Siavash Zargar Yaghoubi, Islamic Republic of Iran's Ambassador to India, said that the Indo-Iran gas pipeline could prove to be a win-win situation for both the countries and added that the project could change the geopolitical situation of the whole region by rendering it more stable.
He said that it was but natural for India and Iran to press for the completion of the project to promote peace and stability.
Earlier, welcoming the Iranian Minister and his delegation, Surajit Chaliha, Chairman - OGEXPD & President (Oil & Gas) Jubilant Enpro Ltd, said that India is deficient in oil and gas and the existing oil reserves will not meet the future requirements.
Chaliha said that India would require 3.2 million barrels a day by 2010 and India's only hope lies in offshore. He added that the Indo- Iran pipeline could be a dream project as far as India was concerned.
He said that Indo-Iran bilateral trade had increased encouragingly since 1998 and it stood at $2.2 billion in 2002 and added that both the countries must look at means to increase bilateral trade in the near future.