“We can sign commercial deals with Iran since payment is no longer an issue”.
- The lifting of the sanctions on Iran will benefit India with lower oil prices and more opportunities for trade.
- Iran will gradually ramp up production by 0.5 million barrels per day over the next six months.
- The lifting of sanctions also removes an important hurdle — U.S. pressure to hold off on the deal — in the proposed India-Iran gas pipeline
- India reportedly owes Iran $6.5 billion for crude oil purchases, the payment of which has so far been held up due to the sanctions.
- One of the major construction projects in Iran that India has taken an interest in is the development of the Chabahar Port.