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Last Updated : 08 December 2009 at 17:30 IST

ONGC eyes to Iran’s new gas liquefying project

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MUMBAI (Commodity Online): India’s Oil and Natural Gas Corporation (ONGC) is planning to take stake in Iran’s new project, which liquefies LNG extracted from Southern coast of the country.

According to a company official, though this plant is to turn gas produced from South Pars Phase-12 (SP-12) into liquid (LNG) for exports, ONGC is looking at using it also for turning gas from the Farzad-B gas field in the Farsi block into LNG.

ONGC Videsh Ltd, a foreign arm of ONGC along with Hinduja Group and Petronet agreed to take 20% stake in the $4.35-billion liquefied natural gas export facility Iran LNG.

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OVL is the operator of the Farsi block with 40% interest, where the company along with Indian Oil (40%) and Oil India (20%) has submitted a $5.5-billion plan to bring to production the Farzad-B gas find.