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Iran opens $1 billion extension at closest port to Indian Ocean

Reuters  |  DUBAI 

(Reuters) - opened on Sunday a $1 billion extension of its southeastern Chabahar which Tehran hopes will help the country become a key transit route to land-locked and Central Asia, competing with a nearby Pakistani

President Hassan Rouhani inaugurated the expansion, carried out with an investment of $1 billion including $235 million from India, which has more than tripled the port's capacity to 8.5 million tonnes a year, state television reported.

has committed $500 million to the Chabahar on the Gulf of Oman which is Iran's closest to the Indian Ocean and would allow it to bypass rival Pakistan. But New Delhi has proceeded cautiously at a time when the U.S. administration has taken an aggressive new approach towards Tehran.

In October, sent its first consignment of wheat to through Chabahar, located about 140 km (88 miles) from Pakistan's Gwadar which is being developed with Chinese help.

(Reporting by newsroom; Editing by Mark Potter)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, December 03 2017. 18:10 IST