IRANIAN - INDIAN COOPERATION
India said Monday it will invest up to $500 million in a deal to develop a strategic port in Iran and both countries planned a number of projects they say are worth hundreds of millions of dollars.
The deal and plans were announced during a visit by Indian Prime Minister Narendra Modi, the first such trip in more than a decade.
In a ceremony marking the agreements, Modi said the bilateral agreement to develop Chabahar, in southern Iran, and the "availability of about $500 million from India for this purpose is an important milestone," in relations between the two countries.
The development of the port of Chabahar expands a trade route for the land-locked countries of central Asia that bypasses Pakistan.
Modi also described cooperation in the oil and gas industries as key components of economic cooperation between Tehran and Delhi.
President Hassan Rouhani said working on the port can be a "great symbol" of cooperation between Iran and India. He said Iran's energy resources and Indian mines can pave ground for cooperation in the aluminum, steel and petrochemical industries.
The two leaders will discuss the port project later with visiting Afghan President Ashraf Ghani.
Modi will also meet Iran's Supreme Leader Ayatollah Ali Khamenei.
The two countries also signed a number of agreements to enhance technological, petrochemical and banking cooperation.
India also began paying back $6 billion in debt from past oil purchases, last week giving Iran $750 million. It has said it will pay back the remainder of the debt.
In 2012, Iran was India's second-largest crude supplier but oil exports subsequently fell due to international sanctions over Iran's disputed nuclear program.
Tehran has been seeking to reintegrate into the global economic system following a landmark deal with world powers that lifted sanctions in return for limiting its nuclear program.
|November, 17, 19:55:00|
|November, 17, 19:50:00|
|November, 17, 19:45:00|
|November, 17, 19:40:00|
|November, 17, 19:35:00|
|November, 17, 19:30:00|
REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.