India and Iran Ink Long-Term Deal For Chabahar Port Operations

 India and Iran have proclaimed a strong relationship with close cooperation to make Chabahar Port a regional trade transit and connectivity hub and therefore the two countries have signed a long-term contract for operating the Shahid-Beheshti Port Terminal in the presence of Indian and Iranian Ministers.

The Indian delegation to Iran was led by Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal, while Mehrdad Bazrpash, Minister for Roads and Urban Development, was present from the Iranian side.

Mr. Sonowal witnessed the signing of a new 10-year Contract between India Ports Global Ltd (IPGL) and the Ports & Maritime Organisation of Iran (PMO), during his visit.

Read Also : Defence Partnership Days: 28-29 November 2024, Read about it

As per the deal, IPGL will invest approximately 120 million USD in equipping the port. Additionally, India has also offered an IN credit window equivalent to USD 250 million, for mutually identified projects aimed at improving Chabahar-related infrastructure.

 IPGL will commit to further equipping and operating the port for the duration of the Contract. At the end of the 10 years, both sides would further extend their cooperation in Chabahar.

The Chabahar Port is an India-Iran flagship project that serves as an important transit port for trade with Afghanistan and Central Asian countries, which are landlocked countries. India has been a key player in the development and operation of Chabahar Port.

 

Read Also : Railways Boosting Connectivity in These Three States

The Indian government has invested in the port’s infrastructure along with  upgrading its facilities to make it a viable transit route for Indian goods bound for Afghanistan and Central Asia.

Read Also : ONGC bagged 'Oil & Gas Exploration Company of the Year - 2023' Award