Iran offers 40 % in South Pars gas field to OVL, Hindujas

New Delhi, Dec 1 (PTI) Iran Tuesday offered 40 per cent
stake in a giant gas field in the Persian Gulf to India's Oil
and Natural Gas Corporation (ONGC) Videsh Ltd and Non-Resident
Indian (NRI) business conglomerate Hindujas, who would split
the stake equally.
At the end of second day of talks, Iran's Deputy Oil
Minister and Managing Director of National Iranian Oil Co
(NIOC) Seifollah Jashnsaz said 40 per cent interest in the
development of Phase-12 of South Pars gas field was offered to
OVL, the overseas arm of Oil and Natural Gas Corp, and the
Hinduja Group.
Hinduja Group's Gopichand Hinduja said the stake in the
USD 7.5 billion South Pars Phase-12 (SP-12) project would be
split equally between his Group and OVL.
Naftiran Inter-Trade Company, subsidiary of National
Iranian Oil Company, will own 40 per cent and the balance 20
per cent will be held by Sonangol of Angola.
Jashnsaz also said that ONGC will get 20 per cent stake
in Iran LNG, which will convert the gas produced from South
Pars field into LNG. In return, ONGC will get at least six
million tonnes of LNG a year.
SP-12 is to produce 3 billion cubic feet per day of gas,
two-thirds of which is to be converted into LNG for export.
Gas from SP-12 would go to Iran LNG, which is building a
USD 4.35 billion plant at Tombak Port by 2011 to turn it into
liquid state so that it can be shipped in cryogenic vessels.
The remaining gas output from SP-12 would be consumed
internally. The field would also produce 120,000 barrels per
day of condensate that would be exported. PTI ANZ
MYR