OVL team to visit Iran for evaluating data on oilfield

 This was disclosed at a meeting between Petroleum Minister Ram Naik and Iran's Deputy Oil Minister Mohammad Reza Nemat-zadeh here yesterday. The two ministers reviewed the progress achieved in finalising a package of cooperation between the two countries in the hydrocarbon sector.

 During Naik's visit to Tehran in May, the two sides had agreed on enhancing cooperation in the oil sector.

 A package was to be formalised for the import of 5 million tonnes of LNG by India, the award of discovered and semi-discovered oil fields by Iran to Indian oil PSUs, joint ventures in petrochemicals, the setting up of CNG projects for city gas distribution, revamping of Iranian refineries, and the offer of Indian R&D experience to Iran.

 Regarding cooperation in the petrochemicals sector, Indian Oil Corporation and National Petrochemical Company of Iran have signed a joint statement of intent for exploring opportunities in India and Iran, including setting up a petrochemicals plant in Iran.

 The plant would undertake value addition and produce petrochemical intermediates. The two companies would enter into a memorandum of understanding shortly after approval of the proposal by their boards.