Iran, India Meet to Sign LNG Deal

Source: shana 6/28/2004, Location: Asia

TEHRAN - A working group of Iran and India convened in New Delhi on Monday to discuss the oil field the former proposes to offer Indian firms in lieu of New Delhi buying five million tons of LNG from Tehran.Deputy Oil Minister Hadi Nejad-Hosseinian is leading a delegation of experts in India. The delegates come from the National Iranian Gas Company, the National Petrochemical Company and the Oil Industry Research Center.

New Delhi will seek clarity from Iran on the equity share being offered by Tehran in the Husseineih-Kushk oil field when a high level delegation from Iran visits India next week to finalize the LNG purchase deal, sources said. India plans to import five million tons of LNG from Iran provided its high price is cross subsidized through a return from a producing oil field. Iran has offered equity in Husseinieh-Kushk oil field but India's flagship ONGC Videsh Ltd will have to bid for the share.

Iran proposes to pay 15 per cent return on OVL investment in developing the field. While OVL would be able to recover its investment cost in about 8-10 years, India's obligation to buy LNG would last for 25 years. The Iranian side will, therefore, have to provide some incentive/cross-subsidy to the Indian side to compensate for this mismatch.



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