11 April 2016 Current Affairs: India has offered to invest upto $20 billion in Iran announced by Dharmendra Pradhan Minister of Petroleum and Natural Gas Dharmendra Pradha during his two day visit to Iran. This was the first visit by an Indian minister since the US and other western powers lifted sanctions against Iran in January.The Iranian side that Indian companies could invest up to $20 billion and were interested in setting up petrochemical and fertilizer plants, including in the Chabahar Special Economic Zone, either through joint ventures between Indian and Iranian public sector companies or with private sector partners.India was also keen to set up a gas cracker unit and a liquefied petroleum gas extraction unit in Chabaharand ways of transporting gas to India from Iran including through a planned Iran-Pakistan-India pipeline were discussed. The two sides also discussed the award of rights to Indian firms to develop Farzad-B gas fields and the pending payments by Indian refiners towards Iran’s oil purchases.
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