The Federation of Indian Chambers of Commerce and Industry (FICCI) in a statement said a strong private sector presence is being ensured by FICCI under the leadership of Y.K. Modi, Past President FICCI and Executive Chairman, GEECL and private sector players like the Essar Group, Reliance Industries Ltd, L&T, John Energy and Deepak Nitrite.
To re-energise trade in the Oil, Gas & Petrochemicals sector between India & Iran, a high-powered delegation will be visiting Iran on April 9-11, it said.
‘His visit is in sync with our energy security imperatives and is extremely important from the perspective of foreseeable growth in India’s economic activity and crude oil & gas import requirements,’ read the FICCI statement.
The three-day visit would primarily focus upon ‘re-engaging with the resource-rich Iranian upstream, downstream & petrochemicals companies, to fuel India’s vast energy requirements’.
‘We are hopeful that the discussions will enable the two regions to revive the economic relationship that has been disrupted in the last two years due, compelling India to break the traditional economic ties. This re-engagement with an old ally in a geopolitically sensitive area will not only counter-balance our strategic interests in the area but also help in ensuring Energy Security,’ the statement added.
Due to abundant oil & gas endowment and geographic proximity, Iranian oil & gas sector is bound to act as a catalyst to boost the bilateral trade between the two regions. Iran will be equally interested to lock in Asian energy market on a long-term basis as the Western countries have successfully reduced their imports, through unconventional energy sources such as shale gas and strengthening renewable, it said.