NEW DELHI/ISLAMABAD -- India's signing of a 10-year contract this month to develop and operate the strategic Iranian port of Chabahar -- which is seen as a gateway to landlocked Afghanistan and energy-rich Central Asia -- could emerge as a counter to a Chinese-controlled project in Pakistan provided that the U.S. does not act on its warning of potential sanctions.
Under the long-term deal between India Ports Global Ltd. (IPGL) and the Ports and Maritime Organization of Iran, inked on May 13, New Delhi is set to invest about $120 million in equipping the port and has also offered Tehran a credit window of $250 million with the aim of improving project-related infrastructure, taking the total contract value to $370 million. The landmark deal replaces a 2016 pact that was being renewed on an annual basis.
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