Iran, India to Seal Farzad-B Gas Field Before 2016 is Out

Iran and India expect to ink final deal on development of Farzad-B gas field before the end of this year.

Iranian oil minister Bijan Zangeneh on Sunday said Tehran views Farzad B project as the first priority for development by Indian investors and the latter must make assessments in this regard.

"We hope decisions regarding the project's development will be made before 2017," Shana news agency quoted Zangeneh as saying.

He made these comments during Indian oil minister Dharmendra Pradhan’s visit to Iran.

Farzad-B gas field in the Persian Gulf was discovered by India’s ONGC Videsh, the overseas arm of the India’s state-owned Oil and Natural Gas Corporation. 

Zangeneh said Tehran and New Delhi are interested in setting up joint ventures in long-term petroleum projects.

Addressing Iran-India business conference at Tehran Chamber of Commerce Saturday evening, Zangeneh said, "We had thorough conversations today and signed an MoU for development of Farzad B gas field, refinery cooperation, export of crude oil and petroleum products and mutual cooperation in petrochemical industry."

He said Indian companies have indicted keenness to buy natural gas from Iran to feed their petrochemical and other energy-consuming industries, and Iran would deliver gas to Indian customers in Chabahar or any other ports where Indians are willing to invest to feed methanol, steel and aluminum plants, Shana reported.

Pradhan during his visit said New Delhi is ready to invest $20 billion for development of energy and petrochemical projects in Iran's Chabahar port.