Nalco in joint task force with Iran body for smelter, power plant

A joint task force has been set up by Nalco and Iranian industries ministry to deliberate on the proposed smelter and gas-based power plant in Chabahar Free Trade Zone.

The task force, comprising senior project, operations and marketing executives of Nalco, Directors of Ministry of Industries, Government of Iran and senior executives of Iranian Aluminium Company, is given three months to submit its report, a NALCO press release said here on Monday.

“The project would help Nalco to use low-cost energy available in Iran for conversion of its alumina, presently exported to international markets, to aluminium,” it said, quoting Nalco’s CMD Tapan Kumar Chand.

Chand is in Iran as part of an Indian business delegation, led by Union Petroleum Minister Dharmendra Pradhan. During this visit, Chand held discussions with Iran’s Deputy Minister of Industry, Mines & Trade, Chairman of IMIDRO and top Iranian officials and other aluminium companies.

Based on the report, ownership pattern, project financing, long-term supply of gas and other aspects would be decided. A team from IMIDRO is likely to visit NALCO shortly, the release said. Chand thanked Pradhan for his initiative in taking up NALCO’s proposal including gas pricing, long term supply of gas and allotment of land in Chabahar at the highest level of Iranian Government.

Meanwhile, Oil Minister Dharmendra Pradhan during the meetings in Iran noted that India-Iran bilateral relations have withstood the tests of time. Pradhan expressed that the lifting of sanction was an important milestone in Iranian history and represented a significant success for patient diplomacy and signalled a new chapter of peace and prosperity for Iran. 

The leaders agreed that it has opened up opportunities in our bilateral relations for new initiatives in the spheres of energy, investments and regional connectivity. 

Both sides also discussed the developments regarding Farzab-B gas fields and expressed confidence on concluding an agreement at the earliest. The issue relating to payment of dues by Indian refineries to Iran towards purchase of crude oil were also discussed. Pradhan conveyed that India was committed towards making payments as and when banking channels, acceptable to both sides, were available.

Pradhan also conveyed to the Iranian side that Indian companies could invest upto $ 20 billion and were interested in setting up petrochemical and fertiliser plants.