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New Delhi. India and Iran are cooperating in the development of the strategically important Chabahar port. This port will provide a direct sea route for India to reach Afghanistan and Central Asia. Indian ships will not have to proceed through Pakistan.
India has invested $120 million to develop the port's Shahid-Beheshti terminal and extended a $250 million line of credit to Iran for infrastructure development.
Oil trade may pick up again
India and Iran have had strong economic relations for a long time. India's oil purchase from Iran has been affected due to US sanctions, but both countries continue to cooperate as before in other areas. If the new President Pezeshkian succeeds in establishing the 2015 nuclear deal with the US, then he may get relief from trade sanctions. In such a situation, its oil trade with India may pick up pace again.
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