NEW DELHI: The looming US sanctions on Iran has put the deal for Chabahar Port between India and Iran on the fast-track. The two countries are working on amending the clause that mandates activation of the deal after receiving funding from India.
Recently a high level Iranian delegation visited India to discuss issues related to Chabahar Port.
“A few amendments are likely to be made soon before things can move to signing of the main contract,” a senior Government official aware of the development said.
An agreement for the start of interim operations was signed on May 6, 2018.
However, two days later, the US announced its decision to re-sanction Iran, which slowed the whole process as India is not able to provide a bank guarantee for the project.
Mr. A K Gupta, Managing Director, India Port Global Ltd (IPGL), confirmed the development of de-linking the payment and project activation, though refusing to comment further. IPGL, a 60:40 joint venture between Jawaharlal Nehru Port Trust and Deendayal Port Trust (previously Kandla Port Trust), was set up by the Government to make strategic investments in ports overseas.
Source : .dailyshippingtimes