{"id":1380,"date":"2017-10-25T11:25:53","date_gmt":"2017-10-25T11:25:53","guid":{"rendered":"http:\/\/madaresharghi.com\/india-awaiting-irans-farzad-b-decision\/"},"modified":"2017-10-25T11:25:53","modified_gmt":"2017-10-25T11:25:53","slug":"india-awaiting-irans-farzad-b-decision","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/india-awaiting-irans-farzad-b-decision\/","title":{"rendered":"India Awaiting Iran&#039;s Farzad-B Decision"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, on Monday said it has not heard from Iran on the $11 billion &#8220;best offer&#8221; it gave for developing the Farzad-B gas field.<br \/> \t\u201cWe are ready to invest provided we get reasonable returns,\u201d OVL Managing Director Narendra K. Verma told reporters in New Delhi, Live Mint reported.<br \/> \t&#8220;OVL has offered to invest about $5.8 billion in developing the Farzad-B gas field and another $5 billion to build a liquefied natural gas export facility.&#8221;<br \/> \tIran wants a high price for the natural gas which, according to the Indian firm, makes the investment unviable.<br \/> \t\u201cWe will get the project the day we accept their conditions. But for me to go ahead and make such investments, it has to bring reasonable returns and make economic sense,\u201d he said without elaborating.<br \/> \tIran signed an initial agreement with Russia\u2019s Gazprom earlier this year for developing the OVL-discovered gas field of Farzad-B, but has kept the door open for awarding it to the Indian firm.<br \/> \t\u201cWe have given them our best offer. Now, it is up to them to agree or not agree,\u201d Verma said. With Tehran delaying the award of rights to ONGC Videsh to tap into some 500 billion cubic meters of in-place gas reserves, India decided to cut oil imports from Iran by a fifth in 2017-18.<br \/> \tIran retaliated by first cutting by one-third the time it gave to Indian refiners to pay for oil they buy from it while raising ship freight rates, and then by signing a memorandum of understanding with Russian gas monopoly Gazprom.<br \/> \tNew Delhi is keen that the gas from the field comes to India to feed the vast energy needs.<br \/> \tIran, India\u2019s third biggest oil supplier, used to give a 90-day credit period to refiners like Indian Oil Corp. and Mangalore Refinery and Petrochemicals Ltd to pay for the oil they would buy from it.<br \/> \tNow, Tehran has reduced it to 60 days, essentially meaning that IOC and MRPL would have to pay for the oil they buy from Iran in 60 days instead of the previously 90 days, the people said.<br \/> \tIran oil sale terms were the most attractive for Indian refiners.<br \/> \tThe people also said NIOC has also decided to cut the discount it offers to Indian buyers on freight from 80% to about 60%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, on Monday said it has not heard from Iran on the $11 billion &#8220;best offer&#8221; it gave for developing the Farzad-B gas field. \u201cWe are ready to invest provided we get reasonable returns,\u201d OVL Managing Director Narendra K. Verma told reporters [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Awaiting Iran&#039;s Farzad-B Decision - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/india-awaiting-irans-farzad-b-decision\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India Awaiting Iran&#039;s Farzad-B Decision - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, on Monday said it has not heard from Iran on the $11 billion &#8220;best offer&#8221; it gave for developing the Farzad-B gas field. \u201cWe are ready to invest provided we get reasonable returns,\u201d OVL Managing Director Narendra K. 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