Iran has signed a basic agreement with Russian energy giant Gazprom for development of Farzad B gas field, discovered by a consortium of Indian state-run companies, in an apparent retaliation against India’s bid to pressure Tehran+ for a formal deal by cutting purchase of Iranian oil.
This is likely to strain ties between the two countries as it can potentially hit India’s ongoing participation and investment in development of oil and gas sector in Iran. The agreement with Russia comes on the back of India’s failure to finalize a commercial contract for Farzad B with Iran despite the optimism expressed by PM Narendra Modi and President Hassan Rouhani for the same when they met in Tehran last year. Read more
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