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Prime Minister Narendra Modi left for Iran on a two-day official visit on the invitation of President Hassan Rouhani. Modi on Sunday said he was looking forward to the conclusion of the trilateral Chabahar agreement, a deal which opens up a route to land-locked Afghanistan with which New Delhi has developed close security and economic ties. Stating that his meeting would provide the opportunity to advance the strategic partnership between the two countries, he propound that enhancing trade, connectivity, energy partnership, investments, people and culture to people contacts is his priority. Modi's visit will focus on infrastructure, connectivity and energy partnership with Tehran and boosting bilateral trade.
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Iran has ended free shipping of crude oil to India and also terminated old system of getting amount for half dues in rupees. The Persian Gulf nation is now insists to pay in Euros for the oil it sells to Indian refiners. It also wants refiners like Essar Oil, Petrochemicals Ltd (MPRL) and Mangalore Refinery to clear nearly USD 6.5 billion of past dues in Euros, an officials said. Iran in November 2013 offered free delivery of crude oil to Indian refiners as tough western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.

The National Iranian Oil Company (NIOC) has communicated to Indian firms by saying that it will no longer be shipping oil for free, an official said. It will continue to ship the oil in its tankers but will charge a discounted tariff. Iran however has offered 90-days credit period and payment becomes due only after 90-days of invoice being raised. 

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Iran is exporting crude oil to india around 350,000 barrels hopes to increase this number. Bijan Zanganeh ( Iran Oil Minister) was quoted by saying on saturday after meeting with Indian counterpart Dharmendra Pradhan. The Shana news agency, linked to Iran's oil ministry, quoted Zanganeh as saying Indian oil purchases from Iran were at 350,000 barrels a day and that we hope this number will increase now that sanctions have been lifted. The two ministers mutually signed a cooperation agreement covering oil exports, the petrochemical sector and the development of a gas field, though there were no reports of any final deals being signed. Pradhan said India was ready to invest $20 billion in the port of Chabahar port in southeastern Iran, according to Shana, adding that Iran and India's energy ties are no longer limited to crude oil imports.  Zanganeh said Indian companies were looking to invest in oil, gas and petrochemical projects in the Islamic Republic, but that reaching deals was a difficult task and needs time. 
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