Iran to Receive $11b Investments from India

Iran to Receive $11b Investments from India

India’s Oil and Natural Gas Corporation ONGC Videsh is aiming to invest $6b in the giant Iranian natural gas field, Farzad-B, and spend more $5b to build a liquefied natural gas export facility. The field is estimated to hold reserves of almost 19tcf, according to RT.

“We have given our best offer to them. Now, it is up to them to agree or not agree,” the company’s Managing Director, Narendra Kumar Verma, stated. “We have told the Iranian authorities very clearly that some basic returns are necessary,” Verma added.

The consortium, which includes Indian Oil Corp and Oil India, has been trying to secure development rights to the Iranian Farzad-B gas field since 2009, Trade Arabia informed.

Mahinaz El-Baz 317 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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