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Our Bureau

New Delhi , April 13

INDIAN Oil Corporation Ltd (IOC) and Petropars, Iran, have submitted a joint proposal to the National Iranian Oil Company (NIOC) for developing an upstream block in South Pars gas field and setting up of LNG (liquefied natural gas) liquefaction facilities with 9 million metric tonnes (MMT) per annum capacity in Iran.

The joint proposal seeks in-principal approval for the two from NIOC to award the projects to them on nomination basis.

In November last year IOC had inked a MoU with Petropars for the purpose as well as having marketing rights for IOC for 9 MMT of LNG.

The MoU was executed in pursuance of the discussions held between the Oil Minister of India and Iran at Vienna on September 16, 2004.

The two had agreed to submit a joint proposal to NIOC by the end of February 2005.

When asked about the investments involved for the two projects - gas exploration and LNG - sources said the investment decision would be taken once necessary agreements were entered into with NIOC, and approvals obtained from the competent authority for such investment by both Indian Oil and Petropars.

As per the agreement, IOC is expected to have 40 per cent stake in the exploration block, with Petropars holding the rest.

For the second project, the LNG facility, IOC plans to have 60 per cent stake and the rest remaining with Petropars.

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