ASIA

Haldia deal breakdown could benefit Iran

Following the failure of India's Indian Oil Corp (IOC) and the state government of Bengal to agre...

According to India's The Telegraph, IOC admitted that the deal for Haldia is more or less buried and that Bengal's loss may be Iran's gain. A team of senior IOC officials will head off to the Middle Eastern country to do a feasibility study on setting up a giant petrochemicals plant in Iran with Iran's National Petrochemicals Company.

Such a move is made more feasible by Iran's abundant supply of natural gas, which can be used as a feedstock.

If a move to Iran goes according to plan, the Haldia Petro will be called off despite the fact that lenders have hammered out a corporate debt restructuring package and the fact that Gail has come onboard as a promoter of the project.

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