India on Monday proposed to invest $6.5 billion to develop gas fields in Iran and sought more liquefied natural gas (LNG) from that country.
At the same time, India asked Iran to honour the 2005 LNG import deal and ensure secured supplies of gas through the Iran-Pakistan-India pipeline.
In the first high-level contact in two years, India told the visiting Iranian Deputy Oil Minister and National Iranian Oil Co (NIOC) Managing Director, Seifollah Jashnsaz, that it was keen to buy 5 million tonnes of LNG a year besides the ones signed in 2005, sources said.
India also asked Iran to give the ONGC Videsh-led group rights to develop the gas field it discovered in the offshore Farsi block. It sought 20-25 per cent stake for the overseas investment arm of Oil and Natural Gas Corp (ONGC) in the Phase-12 of the gigantic South Pars gas field in the Gulf.
Sources said Jashnsaz was told to honour the 2005 LNG agreement which NIOC had previously blocked, saying the gas price in the signed deal was too low.
On the $7.4 billion Iran-Pakistan-India gas pipeline, India said it was willing to be part of the project provided Iran guarantees safety of the pipeline in Pakistan.
India said it would take delivery of the gas on the Pakistan-India border rather than the proposed sale point at the Iran-Pakistan border, sources said, adding this way Iran would be responsible for passage of gas in Pakistan and will have to bear losses if the pipeline is disrupted.
You have reached your limit for free articles this month.
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Personalised recommendations
A select list of articles that match your interests and tastes.
Faster pages
Move smoothly between articles as our pages load instantly.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Briefing
We brief you on the latest and most important developments, three times a day.
Support Quality Journalism.
*Our Digital Subscription plans do not currently include the e-paper, crossword and print.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath
Please Email the Editor