Oil and Natural Gas Corp (ONGC) and its partners will invest over Rs 46,000 crore (about $10 billion , based on current exchange rate) in two giant gas fields and an LNG project in Iran, Iranian Deputy Oil Minister Seifollah Jashnsaz said.
Iran will also sell 6 million tonnes a year of liquefied natural gas (LNG) to India to meet its growing energy needs.
ONGC Videsh (OVL), the overseas arm of the state explorer, and Hinduja Group firm Ashok Leyland Projects Services (ALPS) late Tuesday evening signed agreements to take 40 per cent stake in Phase 12 of the gigantic South Pars gas field, he said.
Phase 12 is the largest of the 28 Phases into which the South Pars gas field in Persian Gulf has been divided. It will cost Rs 34,717 crore ( $7.5 billion).
ONGC and ALPS along with Petronet LNG also signed pact to take 20 per cent stake in Iran LNG that is building a plant for about Rs 20,000 crore ($4.32 billion) on the southern coast to convert gas from Phase 12 into liquefied natural gas for exports.