India Seeks to Launch Aluminum Smelter Complex in Iran
TEHRAN (Tasnim) – India plans to set up a $2.6 billion aluminum smelter complex in Iran once sanctions against Tehran are lifted, a report said.
India is seriously seeking to establish an aluminum smelter and an associated power plant in Iran worth as much as $2.6 billion after the removal of sanctions, the country’s National Aluminium Co Ltd (NALCO) Managing Director Tapan Kumar Chand said, Reuters reported.
The report added that NALCO’s new managing director will meet with India’s foreign ministry officials and Iran’s ambassador in New Delhi next week in an attempt to facilitate the process of the establishment.
KIOCL, another Indian state-owned company, also plans to import one million tons (MT) of iron ore from an Iranian mining company following the successful conclusion of Iran’s nuclear talks with six world powers.
“We are in the final stages of talks with Gol Gohar Mining Company of Iran for a tie up to import about 1 MT of iron ore. It is expected to be formalized in a month, post which the first shipment can take another week to reach Mangalore port,” KIOCL Chairman and Managing Director Malay Chatterjee told PTI.
“Iron ore from Iran can arrive in India in four days via port of Bandar Abbas and land at Mangalore,” he added.
Chatterjee further said his company is also seeking to “capitalize” on the 8-9 million metric ton shortfall which Iran has to cover through imports. KIOCL has a pellet plant of 3.5 MT per annum capacity and a big iron plant of 2.6 lakh tons per annum capacity.
Soon after Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached a conclusion on Tehran’s nuclear program, an Indian delegation visited Iran and discussed ways to expedite crude oil payments of $6.5 billion to the Islamic Republic.
The delegation also held talks with the Iranian authorities on the issue of Indian multinational oil and gas company ONGC Videsh (OVL) getting access to develop Iran's prolific Farzad-B field.
Iran and the Group 5+1 (also known as P5+1 and E3+3) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.
The promising prospect of trade with Iran has prompted major European countries to explore the market potential in the populous Middle East nation.
Back in July, a high-ranking German delegation led by Vice-Chancellor Sigmar Gabriel visited Iran as the first foreign delegation in Tehran after the nuclear conclusion.
Spain has also plans to send its ministers of trade, energy and tourism, along with a 40-strong trade delegation, to Iran in early September.
