After rail, India set to lose Iran gas project

402

Tehran

After being “dropped” from a key rail project in southeastern Iran along the border with Afghanistan, India is also set to lose an ambitious gas field project in the country that had been in the pipeline for past 10 years.
India’s Ministry of External Affairs in a statement has said Tehran would develop the Farzad-B gas field in the Persian Gulf region “on its own” and might engage India “appropriately at a later stage”.
Last week, Masoud Karbasian, managing director of National Iranian Oil Company, told reporters that a new operator had been roped in to develop the gas field, replacing India’s ONGC.
The field, estimated to possess 21.7 trillion cubic feet of natural gas reserves, 12.8 trillion cubic feet of natural gas and 212 million barrels of gas condensates, was discovered in 2008 by a consortium of three Indian companies — ONGC, Oil India Limited and Indian Oil Corporation.
According to the deal, the Indian side was supposed to develop the field but they abruptly stopped work in 2012, following the intensification of sanctions against Iran.
After sanctions were eased in 2015 following the signing of a nuclear deal between Iran and Western countries, India showed its willingness to return to the project.
However, things again fell apart amid the reinstatement of US sanctions on Iran in May 2018, which further “discouraged” India from making headway in the project, said sources familiar with the issue who requested not to be named.—Anadolu Agency

Previous articleSindh reports lowest jump in daily infections since June 4
Next articleDRAP approves 7pc increase in prices of essential drugs