Economy, Domestic Economy

Chabahar Port Project to Gain Momentum

Chabahar Port Project to Gain MomentumChabahar Port Project to Gain Momentum

The development of Chabahar Port will gain momentum, following India’s prospective $85 million investment, says the head of Ports and Maritime Organization, Mohammad Saeednejad, on Wednesday. “Negotiations are underway on the legal, financial and technical details of the investment,” Saeednejad was quoted as saying by IRNA. Under a broader scheme, India has expressed readiness to invest $30 billion in Chabahar, though New Delhi says it will depend on the price of natural gas India imports from Iran. Iran has offered to supply gas at $2.95 per million British thermal units while India wants the rate to be lowered. India agreed to develop the strategic port off Iran’s southeastern coast during a visit by Indian Transport and Shipping Minister Nitin Gadkari to Tehran in May. Chabahar would provide India a marine-land access route to Afghanistan, bypassing Pakistan.