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Iran, India to sign $3 billion gas contract

Iran, India to sign $3 billion gas contract

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Date: 7 December 2015 09:52

Baku, Azerbaijan, Dec. 6

By Khalid Kazimov - Trend:

The Iranian Offshore Oil Company and an Indian consortium have agreed to sign a $3 billion contract to develop Farzad B gas field in the Persian Gulf, the Managing Director of the Iranian Offshore Oil Company Saeed Hafezi said.

He added that a consortium comprising of Indian companies was a contactor of the exploratory phase in Farzad B gas field, but they halted their activity due to the intensifying sanctions against Iran, Mehr news agency reported Dec 6.

Predicting that Indian companies would conduct more discussions with Iran to develop the gas field after the removal of sanctions, he added that a group of Indian companies visited Tehran over the last week to get acquainted with the terms of the new petroleum contracts.

Iran proposed its new model of oil and gas contracts called Iran’s Petroleum Contracts (IPC) during a two-day conference held Nov 28-29 aimed at luring foreign investment to develop the country’s ageing petroleum industry.

The summit of the Gas Exporting Countries Forum wrapped up Nov.23 in Tehran. Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela, and the United Arab Emirates, are main members of the GECF. Observer countries are the Netherlands, Iraq, Oman, Peru, Azerbaijan and Norway.

According to a July deal between Iran and the world powers, financial sanctions imposed by the West against Iran, its banking system and industry over Tehran’s nuclear program, are expected to be lifted in return for scaling down the Islamic Republic’s nuclear program.

Many foreign investors hoping for fat profits and Iran planning to renew its aging industry and ailing economic system have conducted meetings, in preparation for the lifting of international sanctions.

Iran expects that the landmark nuclear deal reached with the world powers, under which most of its nuclear sanctions will be removed in return for scaling down its nuclear program, to be implemented at the first quarter of coming year.

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