Indian Oil Corporation (IOC), the public sector oil major, has said it is reassessing its investment plant at Iran’s Farsi block. The corporation has said the investment is much more than what it had thought. The corporation, along with its JV partners, proposed to spend $3 billion on natural gas production in the block.
Speaking to Business Standard on the sidelines of Chennai Petroleum Corporation Ltd’s annual general meeting, CMD S Behuria said: “We are reviewing the matter as to what are the total investments, since it’s being done at the working level. It has not come to the management yet.”