The Iranian parliament has allowed the Oil Ministry to pursue its claims of nearly $2.5 billion in a dispute with an Indian firm. During their open session on Sunday, lawmakers approved a bill that allows the Iranian Gas Engineering and Development Company (IGEDC), which is affiliated to the Oil Ministry, to launch arbitration and pursue its claims in cooperation with the presidential deputy office for legal affairs.
Mostafa Nakhaie, who is the head of the Iranian parliament’s energy committee, explained the details of the dispute between the Iranian gas company and the state-run Indian trade firm.
He said that they signed a $2.5 billion contract in 2013, which was in effect for three years and obliged the Indian side to sell 2.5 million metric tons of steel sheets to the Iranian company.—INP
