The Iranian Oil Ministry announced that Petropars company will be awarded a contract worth $ 1.78 billion by the Ntaional Iranian Oil Company (NIOC) for developing the giant Farzad-B gas field.

Iran overtook Saudi Arabia to become the second biggest oil supplier to Indian state refineries between April and June 2018.

Iran wants India to pay more than triple the gas price for award of the coveted Farzad-B natural gas block to ONGC Videsh.

India will cut Iranian oil imports is an attempt to push Iran to provide concessions on the Farzad B field.

A consortium headed by ONGC Videsh Ltd (OVL) and Iran aim to strike a deal by March to develop the Iranian Farzad B gas field in the Farsi offshore block.