New Delhi: Iran is believed to be ready to
offer 40 per cent stake in a giant gas field in the Persian
Gulf to India's ONGC Videsh Ltd, and NRI business conglomerate
Hindujas.
On the second day of talks the two held with a delegation
led by Iran's Deputy Oil Minister and Managing Director of
National Iranian Oil Co (NIOC) Seifollah Jashnsaz, sources in
the know said that Tehran offered 40 per cent interest in the
development of Phase-12 of South Pars gas field.
London-based Hinduja Group too was interested in the USD
7.5 billion South Pars Phase-12 (SP-12) project, but the two
firms are independently pursuing the deal, the sources said.
Iran, they said, stated that it can offer a maximum 40
per cent interest in SP-12 to Indians and it was for OVL and
Hindujas to decide among themselves how it would be split
among them.
ONGC Videsh, the overseas investment arm of the state
explorer Oil and Natural Gas Corp, was clamouring for 25-30
per cent, they said, adding that the remaining could be taken
by Hindujas.
If talks conclude, an agreement may be signed.
Sources said OVL wanted liquefied natural gas (LNG) in
return for its efforts in the project.
SP-12 is to produce 3 billion cubic feet per day of gas,
two-thirds of which is to be converted into LNG for export.
OVL wants at least half of the 10 million tons a year of LNG
to be produced from SP-12 project.
PTI
First Published: Tuesday, December 01, 2009, 16:17