India and Iran are expecting to sign long-term deal on Chabahar Port

NEW DELHI: India and Iran are expected to sign a long-term deal for the development of Iran’s Chabahar Port by September before the Global Maritime India Summit 2023 scheduledinNewDelhiinOctober,two peoplefamiliarwiththemattersaid.

After years of negotiations, Delhi and Tehran are expected to sign a multi-year deal, allowing India to develop the Shahid Beheshti Terminal in the Chabahar port. In2016,IndiaPortsGlobalLtd(IPGL) and Arya Banader of Iran had signed acontracttodeveloptheport.

However, an official of the Ports Ministrysaidthecontoursofthelongtermdealwillbefinalizednextmonth, andanagreementwilllikelybesigned inSeptember.

Currently, India and Iran sign one-year contract extensions for developing and running the terminal atChabaharPort.However,Indiahas been urging Tehran to commit to a longer-term pact, providing certainty for investment and development plans for the port designed by India. Along-termcontractfor10yearsmay alsoprovideforautomaticrenewal.

Negotiations on the long-term contract were earlier held up due to disagreements over the arbitration clause in the deal. Iran was earlier uncomfortable with clauses on international arbitration, given constitutional restrictions on taking disputes to foreign courts. However, both sides are set to reach a compromisesolutionallowingcasesto be taken to international arbitration courts in neutral locations such as SingaporeandDubai.Indiahadearlier suggested arbitration matters be takenupeitherinDubaiorMumbai.

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