Iran set to invest in Chennai Petroleum Corporation, says ambassador


Iran set to invest in Chennai Petroleum Corporation, says ambassador

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. Read more

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