Iran General NewsIOC to shelve Iran investment plans

IOC to shelve Iran investment plans

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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.

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