 "ONGC")
The battle between India and Iran over Farzad B block has further intensified. Iran is now coming out with fresh statement that it is under “no obligation” to award the contract to India.
This is despite a consortium of Indian companies led by ONGC Videsh Ltd (OVL) coming out with a $11 billion development plan last month, seeking a reasonable return of 18 per cent. Recently, Iran has signed an initial pact with Russia's Gazprom for developing Farzad B, discovered by ONGC.
According to reports, in return to this, India has cut oil imports from Iran by a fifth
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