India pushes for $2.6 billion Iran smelter

[HAIDER]

Here is scenario , Iran wants its oil money back in its account and Indian are trying to sell the services . So, they are trying stop foreign exchange flow out of India, plus produce future jobs for Indian due to this investment. But, Yes Iranian govt is upset on per demand of its oil money, India trying to bargain.

 

[nForce]

Here is scenario , Iran wants its oil money back in its account and Indian are trying to sell the services . So, they are trying stop foreign exchange flow out of India, plus produce future jobs for Indian due to this investment. But, Yes Iranian govt is upset on per demand of its oil money, India trying to bargain.

This is a good example of why one should not be on social media when he is drunk...

 

[IR-TR]

This is a good example of why one should not be on social media when he is drunk...

No he's right. Last I heard, India will 'repay' half of that money with services and goods. But that's okay. Less chance for that money to disappear. Sadly, unlike China, India doesn't yet have many good products/services to export. I mean 3 billion dollars of Chinese debt would built a nice HSR line between two important Iranian cities, or some 50 fighter jets etc. But heck, I'm sure there are worth while Indian things too.

 

[nForce]

No he's right. Last I heard, India will 'repay' half of that money with services and goods. But that's okay. Less chance for that money to disappear. Sadly, unlike China, India doesn't yet have many good products/services to export. I mean 3 billion dollars of Chinese debt would built a nice HSR line between two important Iranian cities, or some 50 fighter jets etc. But heck, I'm sure there are worth while Indian things too.

I understand what he is talking about. It is just about the incoherent way he says that.
FYI, India has top class construction firms. Some of the best projects in Dubai are in their hands. That's one of the ways in which India wants to pay back.

@IR-TR also, the Chinese can't sell their jets to Iranians I think. The ban is lifted, but not for military hardware I think.

 

[IR-TR]

I understand what he is talking about. It is just about the incoherent way he says that.
FYI, India has top class construction firms. Some of the best projects in Dubai are in their hands. That's one of the ways in which India wants to pay back.

@IR-TR also, the Chinese can't sell their jets to Iranians I think. The ban is lifted, but not for military hardware I think.

You're right about the jets, but I mean China does have many products that compete with Western stuff already today. Be it modern smartphones, military equipment, heavy trucks, mining equipment, machinery etc etc. So India lags in that department (give it 10 years and it'll be fine). That's what I meant.

 

[nForce]

You're right about the jets, but I mean China does have many products that compete with Western stuff already today. Be it modern smartphones, military equipment, heavy trucks, mining equipment, machinery etc etc. So India lags in that department (give it 10 years and it'll be fine). That's what I meant.

The question you asked is specifically about how India is going to pay off or how China fairs in comparison to India ? I mean what exactly are we talking about here, and why are we even talking about China ? Are you a Chinese ?

 

[IR-TR]

The question you asked is specifically about how India is going to pay off or how China fairs in comparison to India ? I mean what exactly are we talking about here, and why are we even talking about China ? Are you a Chinese ?

Guy. India will repay half of it's dues with cash (euro/dollar) and half of it with Rupees (meaning Indian goods and services). I just made a comparison that Iran doesn't want/need a lot of Indian goods/services right now, meaning that aside from Basmati rice, India doesn't have a lot too offer (exaggeration of course). And if it were China, it would have been better.

Anyway, I'm sure India can offer 3bn worth of desirable goods/services.

 

[saurav]

No he's right. Last I heard, India will 'repay' half of that money with services and goods. But that's okay. Less chance for that money to disappear. Sadly, unlike China, India doesn't yet have many good products/services to export. I mean 3 billion dollars of Chinese debt would built a nice HSR line between two important Iranian cities, or some 50 fighter jets etc. But heck, I'm sure there are worth while Indian things too.

GOI has asked the refineries to start preparing for paying Iran. Thats the news here. Money will be paid in tranches.

 

[Nilgiri]

One smelter investment for Iran causes this much butthurt?

LOL.

I foresee much more butthurt to come when the real big ticket items start to be announced.

 

[Indus Pakistan]

I know as he mentioned PPP and that's why i corrected



In 2015, India is almost 8 trillion dollar

You forget the number of people:-

1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,0000000,000,000,0000,000,000,000,000,000,000,000,000,000,000,00,000,000,000,000,000,000,000,000,000,000,000,09

If each of them made just a cent it would No. 1 GDP. And no the counting system used is decimal not binary as evidenced by digit 9 at the end

 

[The Last of us]

One smelter investment for Iran causes this much butthurt?

LOL.

I foresee much more butthurt to come when the real big ticket items start to be announced.

Hopefully our Indian brotherly nation will invest much more in Iran. Right now, Iran needs great investment to start rolling again.

 

[saurav]

Hopefully our Indian brotherly nation will invest much more in Iran. Right now, Iran needs great investment to start rolling again.

This govt will ensure enough investment which is mutually beneficial for both countries. Chahbahar is just the beginning. Many companies from automobile and pharma sector are planning to open manufacturing plants in Iran to cater to Iran, Middle east and Central Asia. Our under sea pipeline for gas should also be reality soon.

 

[IR-TR]

This govt will ensure enough investment which is mutually beneficial for both countries. Chahbahar is just the beginning. Many companies from automobile and pharma sector are planning to open manufacturing plants in Iran to cater to Iran, Middle east and Central Asia. Our under sea pipeline for gas should also be reality soon.

Those Mahindra pickups and SUV's will come in handy too!

 

[Nilgiri]

This govt will ensure enough investment which is mutually beneficial for both countries. Chahbahar is just the beginning. Many companies from automobile and pharma sector are planning to open manufacturing plants in Iran to cater to Iran, Middle east and Central Asia. Our under sea pipeline for gas should also be reality soon.

Under sea pipeline is a must for sure. Everything else is welcome as well....because Iran is a strong, reliable partner for economic growth of the whole region.

We must look at solidifying the Chahbahar port+ Railway link to central asia...and make this a full fledged economic corridor. This can then be expanded to connect with all the vital industrial and economic areas of Iran in the west by upgrading roads, rails, power lines and other conveyance infras as required.

Hopefully our Indian brotherly nation will invest much more in Iran. Right now, Iran needs great investment to start rolling again.

Definitely. What is being announced now is just tip of the iceberg. More will definitely flow in the coming years as Indian economy also goes into top gear over the next few years with the pro-growth (+pro-foreign policy) leadership currently in place.

Both countries definitely have a sustained spring in their step now, and should coordinate as much as we can to harness mutual benefits.

 

[Aramagedon]

India pays second tranche of outstanding oil dues to Iran
Tue Oct 13

File photo shows a view of Guru Gobind Singh oil refinery near Bathinda in the northern Indian state of Punjab, India. © AP

Indian refineries have paid a second installment of USD 700 million to Iran as partial settlement of outstanding oil dues to the Islamic Republic.

According to two Indian oil industry sources, who spoke on condition of anonymity, the payment follows a July agreement between Iran and the P5+1 group of countries – the US, the UK, France, China, Russia and Germany – based on which, sanctions on Iran's economic sectors will be lifted in return of certain limitations on Tehran’s nuclear program.

Last month, India paid a similar amount to Iran, which was the first case of releasing Iran's funds after the country asked India in August to release USD 1.4 billion in oil dues in two equal installments, Reuters reported.

According to Reuter’s report, Essar Oil on Tuesday paid about USD 338 million, followed by about USD 299 million from Mangalore Refinery and Petrochemicals Ltd, the sources noted, adding that Indian Oil Corp paid about USD 60 million and Hindustan Petroleum Corp about USD 3 million.

According to the same sources, Indian refiners owed about USD 6 billion to Iran by the end of September with Essar owing about USD 2.9 billion, MRPL about USD 2.5 billion, and IOC owing USD 500 million. HPCL-Mittal Energy Ltd also owed USD 97 million while HPCL had to pay USD 26 million.

Indian refiners have been depositing 45 percent of their oil payments to Iran in rupees with UCO Bank since 2012. Tehran uses the funds, which currently amount to more than 170 billion rupees (USD 2.6 billion), to import goods from New Delhi.

However, in 2013 and under pressure from sanctions, Indian refiners were forced to hold the remainder of the money after a route used to pay Iran through Turkey's Halkbank was blocked.

Tehran is currently India's seventh-biggest supplier of crude oil, though the country ranked the second in this regard before imposition of sanctions.


Good for India and Iran .