Iran set to invest in Chennai Petroleum Corporation, says ambassador

NEW DELHI: Iran is ready to invest in the expansion of a South Indian refinery, an Iranian official said in New Delhi on Tuesday, as the country seeks new avenues of growth amid debilitating U.S. sanctions.

Iran has seen a massive drop in export earnings which is eating into funds for social development. This has raised questions that it might not invest in the expansion of a refinery in South India where it already holds a minority stake.

Iran’s participation has also been questioned after India cut back its Iranian crude oil imports following U.S. sanctions and stopped them completely from May.