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ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), in 2008 had discovered a giant gas field in the 3,500 square kilometer Farsi offshore block.
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"We had held meetings with the concerned Airlines and have sensitised them to remain vigilant and take all precautions," said a senior official of the Directorate General of Civil Aviation (DGCA) on Wednesday morning.
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Since June following attacks on tankers that the United States blamed on Iran and Iran-aligned fighters, a charged Tehran denies, the Indian navy ships have been escorting Indian-flagged vessels in and out of the Persian Gulf and the Gulf of Oman.
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"India-Iran relations are rooted in history and are based on our close cultural and civilisational linkages that span millennia," the President said.
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India and Iran inked a dozen agreements ranging from a contract to develop the strategic Chabahar port to an initial pact to set up an aluminium plant and one on laying a railway line to give India access to Afghanistan and Central Asia.
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Besides developing the Chabahar port, the two sides also singed agreements in diverse fields like trade credit, culture, science and technology and railways.
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Government sources said there has been a series of discussions at various levels both in Tehran and here and both sides were confident of resolving the issue soon.
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India and oil-rich Iran today decided to significantly expand engagement in their overall ties, particularly in boosting Indian investment in joint ventures in oil and gas sectors in the Persian Gulf nation where foreign investors from major economic powers are rushing in to get early footholds after lifting of nuclear sanctions.
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Oil Minister Dharmendra Pradhan, on a two-day visit to Tehran from April 9, also discussed with his Iranian counterpart the repayment of nearly USD 6.5 billion that Indian refiners owe to Iran, but there is no agreement yet on rights to develop Farzad-B gas field in the Persian Gulf discovered by OVL.
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As the migration crisis overwhelms Europe and after images of a drowned Syrian toddler crystallized Syrian desperation, humanitarian groups are increasingly accusing the Arab world's richest nations of not doing enough to help out.
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Indian state firms had on June 13, 2005 signed a Sale and Purchase Agreement (SPA) with Natioanl Iranian Gas Export Company (NIGEC) for buying 5 million tons a year of LNG on a long-term contract at very attractive price of USD 3.215 per million British thermal unit. But Tehran never honoured that deal.
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The Ahmedabad-headquartered group, which already operates the country's busiest port at Mundra in Gujarat, has received "Letter of Award" for developing the port, Adani Group said in a statement.
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Buoyed by Iran's historic nuclear accord with world powers to end sanctions, India will ask Tehran for rights to develop ONGC-discovered Farzad-B gas field in the Persian Gulf even as it prepares to pay USD 6.5 billion in past oil dues.
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There are negotiations on signing a firm term sheet for beginning of supplies, another source said. At the time of signing crude deal, Russian bank VTB had inked a deal to open a USD 1 billion credit line to Essar.
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The goal of establishing India as the global manufacturing hub may be impossible to achieve without a fast and significant progress in building and upgrading transportation, energy, public health and sanitation facilities, say reports.
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The US and its allies had blocked all financial channels in order to choke Iran to pressurise the countries like India to cut their oil purchase from the Persian Gulf nation.
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Iran has lashed out at Google for leaving a body of water separating the country from the Arabian peninsula ...
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EM equities have the most room to grow considering they fell the most in 2011. We have to prepare for the oil price shock and India is the first one to get affected in oil prices especially considering the tensions in the Persian Gulf.
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Benchmark crude oil prices will likely continue moving above USD 100 a barrel as an embargo on Iranian oil exports widens and fears mount that oil shipments may be disrupted from the Persian Gulf as a `war of words` escalates between Tehran and the US, CNBC`s weekly survey showed.
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The US today warned Iran against disrupting oil shipments at the mouth of the vital Persian Gulf waterway, after Tehran threatened to shut the Strait of Hormuz if the West imposed sanctions on its crude exports.
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Asserting that Iran never threatened to stop crude oil supply to India, the Government today said the problem of settling the import bill with the Persian Gulf nation has been sorted out.
