September 08, 2008

Hinduja OVL gets Indian approval for Iranian oilfields project

It is reported that Hinduja Group ONGC Videsh combine has received approval of Iranian authorities to conduct due diligence for taking stakes in the oil and gas fields in Iran.

The deal for the projects, signed by Hindujas with NICO in August 2007, was not taking off presumably due to a concerted attempt by China, with all its influence, to get the same.

As per the deal, the Hindujas group will take a 45% stake in Azadegan oilfield and 60% in the phase 12 of the giant South Pars gasfield. However, the NICO board has now formally approved of the proposed collaboration for development of the 2 fields.