US issues warning after India's Chabahar Port deal: ‘Potential risk of sanctions' for business deals with Iran
ANI reported. In response to a question over India’s deal with Iran on the strategic Chabahar port, Vedant Patel said that US sanctions on Iran remain in place and the US will continue to enforce them.
The Indian Ports Global Limited (IPGL) of India and the Port & Maritime Organisation (PMO) of Iran on May 13 signed the Long-Term Bilateral Contract on Chabahar Port operation. Following this deal, IPGL is entitled to operate Shahid-Behesti port in the Chabahar Port Development Project for 10 years.
IPGL is set to invest around USD 120 million in equipping the port during this 10-year long-term lease agreement. India also offered an in-credit window of USD 250 million for mutually identified projects aimed at improving Chabahar-related infrastructure.
The Chabahar Port is expected to serve as a crucial transit hub for trade with Afghanistan and other landlocked nations of Central Asia. India has played a significant role in the development and operation of the Chabahar Port.
Read more on livemint.com
