Hinduja Group in association with state-owned ONGC will invest $20 billion for oil exploration in two fields in Iran, set up a 15 million tonne refinery in Kakinada and a LNG terminal at Mangalore."The two fields in Iran that have been identified for oil exploration are of world-class size. We are looking at setting up a refinery in Kakinada, a LNG terminal at Mangalore," Hinduja Group Executive Vice Chairman Subir Raha told PTI.The investment would be $10 billion in Iran and an equal amount in India for setting up refinery and LNG terminal, he said."We have identified which areas we have to focus now. Next step would be negotiations," he said.The development of Phase 12 of the giant South Pars field and the Azadegan field would cost $8 billion, while setting up a facility to liquefy the gas for export as LNG, another $2 billion.In India, the consortium plans to invest $5 billion for setting up a 15 million tonnes refinery, $1 billion in LNG terminal and $3-4 billion in power and petrochemical plants.Hinduja Group has signed memorandum of understandings (MoUs) with two Iranaina firms--Petropars and PetroIran--which have been given the fields. ONGC Videsh, overseas arm of ONGC, and Hinduja's Ashok Leyland Project Services are negotiating an agreement with Naftiran Intertrade Co and Petropars.
