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Money News

India hopes to open Iran's Chabahar port by 2019

A general view of an oil dock is seen from a ship at the port of Kalantari in the city of Chabahar, 300km (186 miles) east of the Strait of Hormuz January 17, 2012. REUTERS/Raheb Homavandi/Files

NEW DELHI (Reuters) - India is trying to make Chabahar Port in Iran operational by 2019, the government said in a statement on Friday, despite a threat of renewed U.S. sanctions against Tehran.

The Indian-backed Chabahar port complex in Iran is being developed as part of a new transportation corridor for land-locked Afghanistan that could potentially open the way for millions of dollars in trade and cut its dependence on Pakistan, its sometimes-hostile neighbour.

The port would offer easy accessibility to CIS countries, Transport and Shipping Minister Nitin Gadkari said in the statement.

U.S. President Donald Trump’s decision to withdraw from a 2015 nuclear deal and penalize financial institutions for doing business with Tehran is clouding Chabahar’s viability.

Reporting by Nidhi Verma; Editing by Malini Menon

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