Under a 10-year agreement with Iran, India will equip and operate Chabahar port terminals, says a media report.
In reaction to the development, the Biden administration warned of slapping sanctions on India for trade cooperation with Iran.
The India Ports Global Limited (IPGL) and the Port & Maritime Organisation of Iran inked the contract for equipping and operating the Chabahar port on Monday evening.
IRNA reported India’s Minister of Roads and Urban Development Mehrdad Bazarpash and his Iranian counterpart Sarbananda Sonowal attended the signing ceremony in Tehran.
During his visit, Sonowal also met Iranian Foreign Minister Hossein Amirabdollahian on and discussed issues of common interest
Via the port on Iran’s southeastern coast along the Gulf of Oman, India wants to ship goods to Iran, Afghanistan and Central Asian countries, bypassing Pakistan.
Reuters quoted Bazarpash as saying IPGL would invest about $120 million while there will be an additional $250 million in financing, bringing the contract’s value to $370 million.
In Washington, a State Department spokesman told reporters: “Those who are looking for business with Iran should know that they are exposing themselves to sanctions.”
Vedant Patel asked the Indian government to speak for itself about its foreign policy. US sanctions against Iran were still being enforced, Patel said.
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