Ali Amirani, marketing manager for the company, said the deep water natural gas pipeline would run through the Sea of Oman for Indian energy needs, Iran's semiofficial Fars News Agency reports.
"Negotiations were held with three Indian companies for [their] purchase of gas from Iran, and general agreements have been reached," he was quoted as saying Monday.
The official said the planned 870-mile pipeline would cost more than $4 billion and deliver at least 1 billion cubic feet of natural gas to India per day.
Iran has proposed Asian and European routes for natural gas deliveries. India was once considered the terminal end of an overland pipeline through Pakistan. Iran's land option has faded, however, because of the ramifications of Western economic sanctions on Iran's energy sector.
Fars News states Iran and India are historic energy partners. A joint commission on energy matters was set up in the 1990s.
Notable deaths of 2014 [PHOTOS]
WTI avoids falling below $80 per barrel