Tehran is hoping to increase its crude oil exports to India from the current 350,000b/d, Iranian Oil Minister, Bijan Zanganeh, was quoted as saying after meeting his Indian counterpart, Dharmendra Pradhan, wrote the Economic Times.

The two ministers signed a cooperation agreement covering oil exports, the petrochemical sector, and the development of a gas field, though there were no reports of any deals to have been finalized.

In addition, Pradhan said India was ready to invest $20b in the port of Chabahar port in southeastern Iran, adding that “Iran and India’s energy ties are no longer limited to crude oil imports.”

Zanganeh said Indian companies were looking to invest in oil, gas and petrochemical projects in the Islamic Republic, but that reaching deals was “a difficult task and needs time.”

In return, the Iranian oil minister stressed that the Islamic Republic is ready to provide natural gas to Indian petrochemical projects, as reported by Press TV.