News ID: 151354
Published: 0748 GMT May 14, 2016

India to invest in Iran's gas field

India to invest in Iran's gas field

Indian Ambassador to Tehran Saurabh Kumar announced that his country will invest in the development of the first phase of Farzad-B gas field in the Persian Gulf that was discovered by India’s ONGC Videsh, the overseas arm of the India’s state-owned Oil and Natural Gas Corporation.

"Iran ranks second in the world in terms of gas reserves and we will soon invest in exploration of Farzad-B gas field," Kumar said on Saturday, addressing Iran-India Trade Conference in Tehran.

Referring to the India's debts to Iran, the Indian envoy said, "The Indian government intends to pay back its $6.5 million debt to Iran as soon as the banking system allows us to do so."

The Indian ambassador also said that setting up the North-South Corridor and launching a transit route between Iran, Afghanistan and India are among other issues which will help the development of transit lines.

In a relevant development in early April, the Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan said New Delhi is planning to invest some $20 billion for development of energy and petrochemical projects in Iran's Chabahar Port.

 

 

   
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