Iran General NewsIOC to shelve Iran investment plans

IOC to shelve Iran investment plans


UPI: State-run Indian Oil Corp. plans to shelve its proposed $5 billion to 7 billion investment plan to set up an integrated liquefied natural gas project in Iran. United Press International

NEW DELHI, Aug. 29 (UPI) — State-run Indian Oil Corp. plans to shelve its proposed $5 billion to 7 billion investment plan to set up an integrated liquefied natural gas project in Iran.

The company has inked a pact with Petropars of Iran in 2004 for developing a gas field, constructing a facility to liquefy the gas and building a terminal for exporting LNG. The agreement would expire in October this year, The Business Standard newspaper said Wednesday.

Iran has decided not to respond to the proposal of the IOC. A company official said IOC-Petropars had made a pre-proposal to obtain approval from the National Iranian Oil Co. for allocating blocks in the gigantic South Pars field and building liquefaction facilities, a company official said.

NIOC said the South Pars field had already been allocated. It said it would explore the possibility of allocating blocks to IOC-Petropars from the North Pars field.

The company was for the North Pars field required to sign a confidentiality agreement with Pars Oil and Gas Co. IOC had prepared a draft of the agreement and sent it to POGC in July 2006. The POGC preferred not to respond to the draft agreement, a senior IOC official said.

He said the company dispatched reminders and when it did not get any response, the company sought a meeting. But Iran still did not respond. IOC required 12 trillion cubic feet of gas for its 9 million tons per annum LNG project, which was comprised of five parts including a $2.2 billion upstream field development.

Latest news

A Tsunami of Malnutrition in Iran

The huge class gap in Iran is the result of the Iranian regime’s destructive policies. According to Mohammad Saleh...

Iran’s Regime Punishes People With Poverty To Hide Its Crime

The Iranian regime’s state-run Kayhan daily, the mouthpiece of its supreme leader Ali Khamenei, recently wrote that the regime...

Desperation and Unemployment Are Causing High Suicides Rates Among Youths in Iran

The sharp focus has recently been turned on Iran, once again, because of many bitter events. One such event...

Outcome of Iran Regime’s Corruption, High Number of Deaths in Natural Disasters

Sometimes numbers lose their mathematical meaning and become heralds of disasters. The number of 200 deaths in the village...

Iran Regime’s Oil Revenue Supports Terrorism

On August 2, John Kirby, the US National Security Council Coordinator for Strategic Communications at the White House, stated...

From Flash Floods to Socioeconomic Crises, Iran’s Regime Leaves Destruction in Its Wake

During the trial of Hamid Noury, one of the Iranian regime’s perpetrators in the 1988 massacre, the victims and...

Must read

Iran’s Ahmadinejad wants Bush debate, ‘global referendum’

AFP: Iranian President Mahmoud Ahmadinejad on Sunday proposed holding...

Iranian leader to visit to Iraq

AP: Iranian President Mahmoud Ahmadinejad will make a historic...

You might also likeRELATED
Recommended to you