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    COVER STORY                                                               JULY 03, 2026    |  The Indian Eye                    4

                                                     IRAN PEACE DEAL

                            INDIA EYES

              OPPORTUNITY

                            An emerging US-Iran understanding could reopen energy,

                                     trade and strategic opportunities for New Delhi

            OUR BUREAU
            New Delhi / Tehran / Washington, DC
                  s signs of a diplomatic thaw
                  emerge between the United
            AStates and Iran, India is quietly
            positioning itself to revive one of its
            most important strategic partnerships
            in West Asia. The visit of Iranian Pe-
            troleum Minister Mohsen Paknejad
            to New Delhi this week, his meetings
            with senior Indian ministers and Iran’s
            renewed call for expanded economic
            cooperation have fuelled expectations
            that New Delhi could soon regain ac-
            cess to a major source of affordable   Indian delegation led by NSA Ajit Doval interacts with the Iranian team led by Deputy Secretary for Defence Affairs of the SNSC of Iran, Ghadir
            energy  while  broadening  trade  and
            connectivity across the region.                  Nezamipour on the sidelines of the 16th BRICS NSAs Meeting, in New Delhi (@MEAIndia X/ANI Photo)
                While the proposed US-Iran
            peace framework remains under ne-  ter Hardeep Singh Puri on Thursday,   ment has been made regarding the re-  Second, Iran historically extended
            gotiation, Indian policymakers and   with both leaders discussing ways to   sumption of Indian crude imports, the   generous credit terms to Indian refin-
            industry  are  already  assessing  the   enhance cooperation in the hydro-  timing of the visit is notable. It follows   ers, allowing purchases on deferred
            opportunities that could emerge if   carbon sector. Paknejad’s visit comes   reports of progress in negotiations be-  payment schedules. Third, Iranian
            sanctions are eased. For India—the   as India hosts the 11th BRICS Ener-  tween Washington and Tehran aimed   crude is technically well suited for sev-
            world’s third-largest oil importer—  gy Ministers’ Meeting under its 2026   at reducing tensions and establishing   eral Indian refineries, reducing adjust-
            the stakes are significant. Before US   chairmanship. Speaking after arriving   a roadmap toward a broader agree-  ment costs. If sanctions are eventually
            sanctions sharply curtailed purchases   in New Delhi, Paknejad underscored   ment.                    relaxed, Indian refiners such as Indian
            in 2019, Iran ranked among India’s   the historical relationship between the   For India, even the possibility of   Oil  Corporation,  Mangalore  Refin-
            largest crude suppliers, offering not   two countries. “As you know, we have   Iranian oil returning to global markets   ery and Petrochemicals Ltd (MRPL),
            only  competitive  prices  but  also  fa-  had historical relations between Iran   offers strategic flexibility.  Bharat Petroleum and Hindustan
            vourable payment terms and lower   and India for a long time, for centu-  Affordable oil could help the   Petroleum could once again diversify
            freight costs.                    ries,” he said. “We are now ready for         economy               their sourcing.
                The prospect of Iran returning   all the relations we can have in eco-                                Greater competition among sup-
            fully to international energy markets   nomic fields with India, especially in   ndia imports nearly 85 per cent of   pliers would also strengthen India’s
            comes at a time when India is pursu-  India.”                          its crude oil requirements, making   bargaining position with other oil ex-
            ing greater energy security, diversified   The Iranian  minister also indi- Iinternational energy prices one of   porters including Saudi Arabia, Iraq
            supply chains and stronger economic   cated that Tehran is operating under   the biggest determinants of inflation,   and the United Arab Emirates. Lower
            partnerships through platforms such   a temporary sanctions waiver. “About   fiscal  stability  and  economic  growth.   import costs would ease pressure on
            as BRICS.                         the sanctions, as you know, we have a   Iranian crude has traditionally been   India’s  current  account  deficit  while
               Energy security gets a boost   kind of waiver for 60 days and we are   attractive because of several advan-  helping moderate domestic fuel prices.
                                              going on based on some issues that we   tages. First, the geographical proxim-  Cheaper energy would also ben-
               ranian   Petroleum   Minister  have had agreed with Americans in   ity  reduces  shipping costs  compared   efit  manufacturing,  transportation,
               Mohsen Paknejad met Union Pe-  this regard,” Paknejad said.      with suppliers in Latin America or   aviation, fertiliser production and
            Itroleum and Natural Gas Minis-       Although  no  formal  announce-  North America.                        Continued on next page... >>

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