India offered Iran $11 billion for gas field

Almaty. July 3. Silkroadnews – Indian oil and gas consortium has offered Iran $11 billion for development of the Farzad-B gas field, Indian office of Live Mint reported.
“An Indian consortium is willing to spend as much as $11 billion to develop a giant Iranian natural gas field and build the infrastructure to export the fuel as long as the Persian Gulf nation guarantees a “reasonable return” on the project”, the publication reads on Monday.
With this, it is noted, the Indian side has offered to invest up to $6 billion on the Farzad-B field and spend the remaining amount to build a LNG export facility, seeking a return of around 18%. Indian companies, in their turn, are ready to buy all the gas exported from the project.
It is reported that India and Iran planned to conclude the deal by February. According to the Indian side, the field contains 19 trillion cubic feet of natural gas. The consortium, which includes “Indian Oil Corporation” and “Oil India Ltd.”, has been trying to obtain the rights to develop the Farzad-B gas field since 2009. Earlier, India offered Iran $10 billion for the field development.
So far the officials from the Iranian Ministry of Petroleum and the National Iranian Oil Company could not give any comments on the sale of the Farzad-B field.