Iran hopes to get $ 1 bn in investments from IOC

Dec 17, 2004 01:00 AM

Iran hopes to get $ 1 bn in investments from the Indian Oil Corporation (IOC) for the development of Iran's South Pars gas field and its conversion into LNG for shipment to India.
Once the deal comes through IOC would have access to 9 mm tpy of LNG with Ennore off Chennai becoming a new terminal to receive the shipment.

IOC Chairman M.S. Ramachandran disclosed that his company is proposing to the National Iranian Oil Company (NIOC) in February its plans to get into its first upstream venture overseas in collaboration with the Oil and Natural Gas Corporation's overseas venture ONGC Videsh Ltd (OVL). IOC proposes to have a 40 % stake in the exploration blocks with Iran's Petropars holding the rest and 60 %.
"Given a debt equity of 2:1, IOC's equity investments in these projects should work out to about $ 1 bn," Ramachandran said.

The exploration block is expected to be in one of the phases of South Pars close to the Yadavaran oil field, where OVL has been offered a 20 % stake.
IOC already has a 40 % stake in Iran's Farsi block along with OVL. This block, which is the first offshore block being developed by a foreign firm, also has OVL equity participation.

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