FM Sitharaman explained that India's relation with Iran was a strategic one
Jaishankar was responding to a question that Iranians were disappointed with India's decision not to buy oil from them to avoid American sanctions regime
Till now, four rounds of negotiations have been completed and the last one was held in March in Tehran where both countries discussed a draft text of the pact
India has brought down the import of oil from Iran, with which it has historic and cultural ties, to almost zero
Iran said it had seized the Stena Impero because it had collided with a fishing boat
A bank guarantee in euros is impossible for India to offer since it will have to be made through a foreign bank
The move has been triggered by Delhi's wariness of Beijing's growing focus on capturing export markets in Iran
India is trying to develop Chabahar as a way to gain access to the markets of central Asia as well as Afghanistan
Under previous Western sanctions, India had devised a barter-like scheme acceptable to Washington
MRPL and IOC, which last month paid $ 750 million to Iran, paid another $ 330 million this month through EIH bank
India has recently committed $400 million in steel to construction of the railway connecting Chabahar and Zahedan
The 'milestone' pact on the strategic Chabahar Port in southern Iran, will give India access to Afghanistan and Europe bypassing Pakistan
Also an agreement to provide $150 million credit line was signed by Exim Bank of India
Connectivity, energy security and bilateral trade are on top of PM Modi's agenda
India is one of the biggest buyers of Iranian crude, and is set to import at least 400,000 barrels per day (bpd) from Iran in the year from April 1, but it built up a backlog of payments when Iran was under sanctions
Western sanctions in recent years had put a brake on bilateral cultural ties