Iran Daily cited Mr Sudhir Vasudeva chairman of Indian Oil and Natural Gas Corporation as saying that the plan of IONGC to develop a gas field in Iran may hit aspirations for US energy assets. The company may not give up partnership in Iranian energy projects for the sake of improved presence in the US.
Mr Vasudeva said that "We are present in Iran and Sudan. There are restrictions. We are trying to find ways to circumvent them. For any opportunity in the US we will have to address the law of the land."
Western sanctions against Iran's peaceful nuclear program are aimed at stemming revenues of the Organization of Petroleum Exporting Countries member through sales of crude and bar institutions dealing with Iran's central bank from the US financial system.
Mangalore Refinery and Petrochemicals Limited a subsidiary of ONGC, is one of the key Indian oil clients of Iran. ONGC is in talks with the Iranian government to develop the Farzad B gas field in the Farsi block. It also has a 25% stake in the Greater Nile project in Sudan.
Mr Majid Namjou energy minister of Iran said that the country has decided to use revenues from oil exports to India to implement projects. An agreement has been reached and more negotiations will be conducted soon to finalize the agreement.
Mr Namjou said while speaking in a meeting with Indian Minister for Water Resources Mr Bobo Kalanov that given the restrictions on Iran's banking ties, Tehran has decided to use financial returns from oil exports to India in carrying out projects in Iran. A list of projects and plans has been prepared and will be discussed with the Indian side.
Mr Namjou referred to the participation of Indian Prime Minister Mr Manmohan Singh in the Non Aligned Movement Summit in Tehran and said it elevated the prospects of bilateral ties. Indian premier's statements in the summit, particularly his remarks on issues related to renewable energies are very effective in the development of relations between the two countries.
He said that the Indian delegation's visit to Tehran is an opportunity to boost relations and described a visit to India in the near future as one of his priorities.
Source - Iran Daily
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