Untitled Document
Excon, Excon 2011 Biggest Construction Equipment Trade fair India.
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www.epcworld.in
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Oil And Gas |
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| 12/03/2009 03:00:00 PM |
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New Delhi, Dec (EPC News): Oil and Natural Gas Corporation (ONGC) and its partners will invest about $10 billion in two giant gas fields and an LNG project in Iran, the Iranian Deputy Oil Minister, Seifollah Jashnsaz, said. |
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Iran will also sell 6 million tonnes a year of liquefied natural gas (LNG) to India to meet its growing energy needs. ONGC Videsh, the overseas arm of ONGC, and Hinduja Group company Ashok Leyland Projects Services (ALPS) have signed agreements to take 40% stake in Phase 12 of the gigantic South Pars gas field, he said.
Phase 12 is the largest of the 28 phases in which the South Pars gas field in Persian Gulf has been divided and will cost $7.5 billion.
ONGC and ALPS along with Petronet LNG also signed pact to take 20% stake in Iran LNG that is building a $4.32-billion plant on the southern coast to convert gas from Phase 12 (SP-12) into liquefied natural gas for exports.
Jashnsaz said considering the "good work" done by OVL in discovering a big gas field in the Farsi block, Iran has also decided to award it the right to develop the field. OVL, along with Indian Oil and Oil India, will invest $5.5 billion in developing the Farzad-B gas field.
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