India, South Korea plan $10 billion e-park in Iran

The project was part of Iran’s bid to establish 5,000 megawatts of renewable capacity in the country.

Iran repeatedly stated that OPEC member states should make room for Iran to allow it to increase the export and called for returning to the individual quotas for oil production for the cartel’s members.

The project will generate 1,000 megawatts of solar power. A company spokesman didn’t respond to requests for comment by phone, text message and e-mail.

While Prime Minister Narendra Modi spoke of plans to make investments worth billions of dollars in Iran, which include refinery and rail projects, nothing has taken off until now. India has sought to secure ties with Iran and ensure access to its abundant hydrocarbons as years of sanctions on the Persian Gulf nation may be nearing an end.

Once the nuclear deal is in place, Iran wants to build up its oil economy and India hopes to be a major factor in the scheme of things.

Indian Oil, the biggest oil refiner in India, is betting on petrochemicals to drive growth.

The shares of the company rose as much as 0.7 percent to 408.15 rupees and traded at 407.15 rupees as of 9:19 a.m.in Mumbai.

Indian Oil Corporation will start building a large petrochemical plant in the territory of Iran.

Petrochemicals accounted for 4.4 per cent of the company’s revenues in the year ended 31 March 2015, while this business accounted for nearly 39 per cent of its operating income.

Iranian Minister of Petroleum Bijan Namdar Zangeneh also said that Tehran aims to build up its presence at the global energy market, just as the sanctions are lifted.

Pointing to the Joint Comprehensive Plan of Action (JCPOA), Amir-Abdollahian said the agreement reached over Iran’s nuclear program can be effective in promoting the economic empowerment of the Islamic Republic of Iran in the world, particularly over the energy issue.