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India To Control Section Of Chabahar Port For 18 Months

India and Iran on Saturday signed an agreement which will give New Delhi operational control of a section  of the strategically located Chabahar port in the Gulf of Oman for 18 months, according to the Times of India.

The report said the agreement was signed after Prime Minister Narendra Modi held talks with Iranian President Hassan Rouhani on Saturday on issues including regional connectivity and intensifying bilateral trade and investment ties.

Both sides also discussed strengthening cooperation in the oil sector and agreed to move beyond the traditional "buyer-seller" relationship and develop a long-term strategic partnership, the Times of India reported.

During the talks, it was agreed to continue and increase the pace of negotiation for reaching appropriate results in energy cooperation, including Farzad-B gas field.

New Delhi wants the gas from the field for India to feed the vast energy needs.

On the Chabahar project, a joint statement issued after the Modi-Rouhani talks said both sides reiterated their commitment for early and full operationalization of Shahid Beheshti Port, the Times of India reported.

The first phase of Chabahar port was inaugurated in December last year, opening up a new strategic route connecting Iran, India and Afghanistan, bypassing Pakistan.

India has been closely working with Afghanistan and Iran to create alternative, reliable access routes for trade as Pakistan has been denying transit access to it.

Under the agreement signed between India and Iran in May 2016, India is to equip and operate two berths in Chabahar Port Phase-I with a capital investment of $85.21 million and an annual revenue expenditure of $22.95 million on a 10-year lease.

In May 2016, India, Iran and Afghanistan signed an agreement on the Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran.

India To Control Section Of Chabahar Port For 18 Months

Iran’s President and India’s Prime Minister signed an agreement allowing New Delhi to control part of Chabahar port in order to shore up regional connectivity.

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India and Iran on Saturday signed an agreement which will give New Delhi operational control of a section  of the strategically located Chabahar port in the Gulf of Oman for 18 months, according to the Times of India.

The report said the agreement was signed after Prime Minister Narendra Modi held talks with Iranian President Hassan Rouhani on Saturday on issues including regional connectivity and intensifying bilateral trade and investment ties.

Both sides also discussed strengthening cooperation in the oil sector and agreed to move beyond the traditional "buyer-seller" relationship and develop a long-term strategic partnership, the Times of India reported.

During the talks, it was agreed to continue and increase the pace of negotiation for reaching appropriate results in energy cooperation, including Farzad-B gas field.

New Delhi wants the gas from the field for India to feed the vast energy needs.

On the Chabahar project, a joint statement issued after the Modi-Rouhani talks said both sides reiterated their commitment for early and full operationalization of Shahid Beheshti Port, the Times of India reported.

The first phase of Chabahar port was inaugurated in December last year, opening up a new strategic route connecting Iran, India and Afghanistan, bypassing Pakistan.

India has been closely working with Afghanistan and Iran to create alternative, reliable access routes for trade as Pakistan has been denying transit access to it.

Under the agreement signed between India and Iran in May 2016, India is to equip and operate two berths in Chabahar Port Phase-I with a capital investment of $85.21 million and an annual revenue expenditure of $22.95 million on a 10-year lease.

In May 2016, India, Iran and Afghanistan signed an agreement on the Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran.

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