India to import LNG from Iran

India has agreed to import five million tonne of liquified natural gas (LNG) from Iran in two phases. On its part, the Iranian government ha...

India has agreed to import five million tonne of liquified natural gas (LNG) from Iran in two phases. On its part, the Iranian government has agreed in principle to award a discovered oil field in Iran to ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC). Top Petroleum Ministry officials said Iran has also agreed to favourably consider Indian Oil Corporation (IOC) participation in an aviation services project in a new international airport (close to Tehran) being considered by Oil Industry Investment Organisation (OIIC). OIIC is the investment arm of the National Iranian Oil Company (NIOC).

“The Iranian side has also agreed in principle on participation of Indian Oil tanking, a joint venture of IOC, in SPM and marine terminal at Queshm Free Area (Iran). A separate MoU will be entered into for this,” officials said.

These decisions have been taken by the Indo-Iran joint working group, which met for the first time in New Delhi on May 8-9.

Story continues below this ad

On the LNG front, officials disclosed that the Iranian side has agreed to award an upstream phase of South Pars gas field to produce the amount of gas needed for supply of five million tonnes of LNG per year to Indian companies. The commercial terms and conditions will be negotiated within three months of this agreement between the two companies.

“Iran has also agreed to negotiate awarding a downstream LNG project to Indian companies,” officials said.

A formal announcement is expected to be made by petroleum minister Ram Naik during his two-day visit to Iran on May 12-13. ONGC’s CMD Subir Raha, IOC’s CMD M.S. Ramachandran and Gail India’s planning director B.S. Negi are accompanying Naik on his visit. Alongside, Gail India Limited and the National Petrochemical Company of Iran have also agreed to jointly explore the feasibility of setting up petrochemical projects in Iran and exports of products from there to India and other countries.

In addition to this, Gail India Limited and the National Iranian Oil Company have agreed to co-operate for development of compressed natural gas (CNG) in Iran including setting up of retail facilities in this regard.

Yogi Adityanath, Shri Ramswaroop Memorial University, police lathicharge, police lathicharge students, Indian express news, current affairs

In a major step, UP prohibits caste-based political rallies, public signs

Cities38 min ago

Uttar Pradesh government bans caste-based political rallies and markings, stressing on national unity and inclusive system. The ruling BJP and opposition to be affected ahead of assembly elections. Chief Secretary orders action against those inciting conflict through caste-based displays and protests.

View all shorts

Live Blog