Iran as has new conditions for cooperating with India. As the Islamic country wants India to pay more than triple the gas price for award of the coveted Farzad-B natural gas block to ONGC Videsh, reported Energy Infra Post.

Iran wants India to buy all of the natural gas that Iran produces from the Persian Gulf block at a price equivalent to the rate Qatar charges for selling liquefied natural gas (LNG) to India, informed Economic Times.

Qatar, as per a revised formula agreed upon in December 2015, sells 7.5 million tons a year of LNG to Petronet LNG LtdBSE 0.11 %, India’s biggest gas importer, at a price of $7 plus per 1m British thermal unit.

The rate being sought by Iran is triple of $2.3 per 1mmBtu rate. OVL is willing to pay for the gas during low global oil prices, but if global rates rise, OVL will then be willing to pay $4.3 per mmBtu,