The Economic Times said that “official of both sides are negotiating terms of the contract with a hope to conclude the document by next month for an Indian investment of $ 85 million to construct two berths at the Chabahar port.

The MoU for much delayed Indian investment to expand Chabahar port was signed last May when Road Transport, Highways and Shipping Minister Nitin Gadkari visited Tehran weeks before Iran’s landmark nuclear deal with the Western powers.

An Indian team was in Tehran this week to discuss contract of the project.”

The report also said that “the atmosphere for Indian investments in Chabahar and other areas in the Persian Gulf country will be further conducive after the IAEA on Tuesday ended its 12 year investigation into concerns that Iran might be developing nuclear weapons.”

On Dec 10, Foreign ministers of Iran and India met in Islamabad and talked about promotion of bilateral relations including construction of a seabed pipeline to export gas to energy thirsty India.

“With the closing of (nuclear) PMD case, there is no longer any impediment on the way of increasing relations between Iran and India,” Zarif said, adding that New Delhi can cooperate with Tehran in development of Chabahar Port as well as other economic, trade, and banking activities.

Managing Director of National Iranian Gas Export Company (NIGEC) said that Tehran and New Delhi are seriously negotiating construction of a trans Oman Sea-Indian Ocean pipeline.