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India signs 10-year deal to operate Iran's Chabahar Port

10:05 PM | 13 May, 2024
India signs 10-year deal to operate Iran's Chabahar Port
Source: Social media

The government of India, under the leadership of Prime Minister Narendra Modi, on Monday announced the signing of a 10-year contract with Iran to develop and manage the port of Chabahar, marking a significant step in bolstering ties with this key Middle Eastern nation.

The development of the Chabahar port, situated on Iran’s southeastern coast along the Gulf of Oman, has been a strategic endeavor for India. It serves as a crucial route for transporting goods to Iran, Afghanistan, and Central Asian countries, offering an alternative to the ports of Karachi and Gwadar.

However, progress on the port’s development was hindered by US sanctions on Iran.

Speaking in Tehran following the agreement's signing, India’s Shipping Minister, Sarbananda Sonowal, emphasized the port's broader significance beyond facilitating trade between India and Iran. He highlighted its pivotal role in enhancing trade links and strengthening supply chain resilience across the region.

Sonowal underscored the mutual commitment of Iran and India to maximize the potential of Chabahar port, emphasizing their shared interest in accessing regional markets through joint efforts.

Describing the long-term contract as a testament to the enduring partnership between the two nations, Sonowal expressed confidence in the agreement's potential.

The agreement, formalized between Indian Ports Global Limited (IPGL) and the Port & Maritime Organization of Iran, entails an investment of approximately $120 million from IPGL, with an additional $250 million in financing, totaling $370 million, according to Iranian Minister of Roads and Urban Development, Mehrdad Bazrpash.

Addressing the signing ceremony, Bazrpash highlighted Chabahar’s pivotal role in regional transit development and expressed satisfaction with the agreement, affirming Iran’s trust in India.

Since assuming operations at the port in late 2018, IPGL has managed significant container traffic and cargo shipments, facilitating the transport of essential commodities such as wheat and pulses from India to Afghanistan through Chabahar Port.

Indian Foreign Minister S Jaishankar emphasized that the agreement paves the way for increased investment in the port, underscoring its strategic importance during a press briefing in Mumbai.

Daily Pakistan Global Web Desk

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 May 2024

Pakistani currency rates against US Dollar and other currencies on May 27, 2024 (Monday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.25 for buying and 280 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.15 and Saudi Riyal came down to 73.35.

Currency Symbol Buying Selling
US Dollar USD 277.25 280
Euro EUR 297 300
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.15 75.85
Saudi Riyal SAR 73.35 74.1
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.75 748.75
Canadian Dollar CAD 203 205
China Yuan CNY 38.47 38.87
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 907.57 916.57
Malaysian Ringgit MYR 59.39 59.99
New Zealand Dollar NZD 170.03 172.03
Norwegian Krone NOK 25.92 26.22
Omani Riyal OMR 723.64 731.64
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 304.75 307.25
Thai Baht THB 7.67 7.82

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