New Delhi, December 02: Oil and Natural Gas Corp (ONGC) and its partners will invest about USD 10 billion in two giant gas fields and an LNG project in Iran, Iranian Deputy Oil Minister Seifollah Jashnsaz said.
Iran will also sell 6 million tonnes a year of liquefied natural gas (LNG) to India to meet its growing energy needs.
ONGC Videsh, the overseas arm of the state explorer, and Hinduja Group firm Ashok Leyland Projects Services (ALPS) late yesterday evening signed agreements to take 40 per cent stake in Phase 12 of the gigantic South Pars gas field, he said.
Phase 12 is the largest of the 28 Phases in which the South Pars gas field in Persian Gulf has been divided and will cost USD 7.5 billion.
ONGC and ALPS along with Petronet LNG also signed pact to take 20 per cent stake in Iran LNG that is building a USD 4.
–PTI