India, Iran to Complete Farzad-B Gas Field Deal Before End of 2016

Iran and India are expected to finalize their deal on the development of the Farzad-B gas field before the year ends.

During Indian oil minister Dharmendra Pradhan’s visit to Iran, Iranian oil minister BijanZangeneh said that Tehran looks at this project as a priority for development by Indian investors. News agency Shanah quoted Zangeneh saying, “We hope decisions regarding the project’s development will be made before 2017.”

ONGC Videsh, the overseas arm of India’s state-owned Oil and Natural Gas Corporation discovered the Farzad-B gas field which is located in the Persian Gulf. New Delhi and Tehran are both interested in setting up joint ventures in long-term petroleum projects according to Zangeneh. While addressing the Iran-India business conference at Tehran Chamber of Commerce, Zangeneh said, “We had thorough conversations today and signed an MoU for development of Farzad B gas field, refinery cooperation, export of crude oil and petroleum products and mutual cooperation in petrochemical industry.”

Shanah also reported that Zangeneh said Indian companies have shown keenness to buy natural gas from Iran to feed their petrochemical and other energy-consuming industries, and Iran would deliver gas to Indian customers in Chabahar or any other ports where Indians are willing to invest to feed methanol, steel and aluminum plants.

At the time of his visit, Pradhan also said that New Delhi is ready to invest $20 billion for development of energy and petrochemical projects in Iran’s Chabahar port.

Source: Natural Gas Asia