ONGC/OVL, Hinduja Group, Petronet agree to Iran LNG development

ONGC/OVL, in association with Hinduja Group and Petronet LNG, have agreed with Iranian authorities to develop gas fields and liquefaction facilities in Iran in return for a minimum 6 million metric tons of LNG per annum on long-term basis.

Offshore staff

NEW DELHI -- ONGC/OVL, in association with Hinduja Group and Petronet LNG, have agreed with Iranian authorities to develop gas fields and liquefaction facilities in Iran in return for a minimum 6 million metric tons of LNG per annum on long-term basis.

ONGC, OVL, ALPS and Petronet LNG have agreed to take a 20% aggregate interest in the liquefaction facilities, with a possible increase to 40%.

In addition, Iranian authorities are considering OVL's proposal to develop the field and bring gas produced from Farsi block to India either through pipeline, LNG, or a swap arrangement.

12/21/2009

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