India to Launch Joint Urea Plant in Iran: Report
TEHRAN (Tasnim) - India is seeking for an Iranian partner to set up a urea manufacturing plant in the Islamic Republic, a report said.
“Now the government is looking for an Iranian partner to be part of this project. And therefore a senior delegation from India will visit Iran next month,” a source said, Press Trust of India reported on Monday.
The joint plant will be launched in the country's Southern Chabahar entailing an investment of $1.029 billion.
The manufacturing plant will use Iranian gas as feedstock and the produced urea will be exported to India.
Rashtriya Chemicals and Fertilizers (RCF), Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) and Gujarat State Fertilizers Corporation (GSFC) have been nominated by the Indian government for the joint venture.
India's annual demand of urea is about 30 million tons, while the domestic production is around 22 million tons.
The move by India comes as foreign countries and companies are rushing to rekindle business with the Islamic Republic after the conclusion of diplomatic talks between Iran and the six powers on July 14 in Vienna.
Dubbed the Joint Comprehensive Plan of Action (JCPOA), the deal would subject the parties to comply with a series of commitments, resulting in the termination of sanctions on Iran in exchange for certain restrictions on Tehran’s nuclear program during a defined period of time.
Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.
