The two state owned companies have already begun talks with NIOC on this issue and a JV company is likely to be formalised inthe next few months.
Iran is very rich in natural gas and IOC and ONGC, as per the strategic alliance, are intially looking at developing a 6 million tonne liquefied natural gas project in Iran.
Investments to the tune of $ 1 billion would be required for the project and once the JV company is formed the equity investments by the three companies would be very less.
The petroleum ministry also favours the proposal of setting up a JV company in Iran as it could be one of the equity investments board by Indian oil companies.
