The Hindu Business Line : ONGC, Hinduja Group may sign Iran deal next month

New Delhi, March 26 ONGC, along with its partner the Hinduja Group, hopes to sign an initial agreement to help develop two huge oil and gas fields in Iran sometime next month.

“The next meeting with the Iranians on joining South Pars Phase 12 and Azadegan fields is tentatively planned for mid-April,” Mr R.S. Sharma, Chairman and Managing Director, ONGC, told newspersons here.

“Our team had gone there recently, and now we have to sign a participatory agreement with the Iranians,” he said adding that the venue for the meeting is yet to be finalised.

ONGC, through its overseas investment arm ONGC Videsh Ltd (OVL), and the Hinduja Group are together eyeing a role in developing the South Pars Phase 12 gas field and the Azadegan oil asset.

The Indian partners were in Tehran earlier this month to do a technical due diligence. The development of the two fields is a part of the $20-billion investment the two partners have planned. The Indian partners also plan to rope in NICO, a unit of National Iranian Oil Co, for the deal.

Earlier this year, ONGC has offered the Iranian company an equity stake in its proposed refinery and a liquefied natural gas terminal (LNG) in southern India.

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