Global Business in Iran Database
In-depth metrics and analysis of Iran's international economic partnerships.
ONGC-Hinduja Group- Petropars, South Pars Phase 12 Stake
description
ONGC is looking to purchase a stake in South Pars Phase 12 to offset the declining production in India's domestic gas fields. ONGC already has an initial agreement with Petropars. ONGC handles 25 percent of India's domestic energy needs. Iran is seen as a viable source of underdeveloped energy potential.
Iran has also asked for a $1 billion advance to build a LNG terminal at Tombak, on the Persian Gulf. The advance request was made as ONGC and its partner continue to negotiate over South Pars 12 after losing out to CNPC over South Azadegan ealier in 2009.
- Country: India
- Client: Petropars
- Contractor: Oil and Natural Gas Corp Videsh (ONGC) - Hinduja Group Consortium
- Amount (Current Dollar Value): Undisclosed Amount
Status
- Current Status:
- Discussion Date: Mon, 2009-10-05
- Contract Date:
- Completion Date:
Citation
1. "ONGC May Buy Stake in Iran’s South Pars Gas Field ", Bloomberg, October 6, 2009, Available at http://www.bloomberg.com/apps/news?pid=20601091&sid=ab_WhLRxeuSs.
2. "Indian firm to buy South Pars stake", Press TV, October 6, 2009, available at http://www.presstv.ir/detail.aspx?id=107974§ionid=351020103.
3. "Iran seeks $1 bn ‘advance’ for LNG supplies", Agencies, 16 November 2009, available at http://www.expressindia.com/latest-news/Iran-seeks--1-bn--advance--for-L....
