EghtesadOnline: India and Iran have renewed efforts to operationalize one berth at Chabahar Port amid growing fears of US sanctions on Iran kicking in early next month.
During an Iranian delegation's visit to New Delhi last week, it was decided to redouble efforts to complete the remaining work for the first berth.
Sources said the project was delayed due to fears of US sanctions and efforts were on to put in place a payment mechanism for the strategically important Chabahar Port through the banking channels of the two countries, The Times of India reported.
India is investing $500 million to develop the port and the road link from Chabahar to Afghanistan, which will allow New Delhi access to Afghanistan via the sea-land route bypassing Pakistan, according to Financial Tribune.
It has taken more than 15 years for India and Iran to operationalize the port after it was first proposed during the tenure of former Indian premier, Atal Bihari Vajpayee.