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India Wants to Invest $3 Bn in Natural Gas Production in Iran

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The Indian oil and gas group ONGC Videsh Ltd. intends to spend over $ 3 billion on the acquisition of rights to a block in the Farzad-B natural gas field in Iran.

In March, ONGC Videsh sent an updated plan to the Iranian government to invest in this field, the Managing Director of the company N.K.Verma told journalists.

As The Indian Times writes, ONGC Videsh expects to begin to develop the unit within five years.

In total, India is considering investing in Iran for up to $ 20 billion: in oil and gas production, petrochemical and gas processing plants, and in expanding ports.

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