India to buy stakes in Iran’s LNG terminal


In order to meet growing energy needs, India is set to buy stakes in Iran’s LNG terminal based at Tombak Port, southern Iran.

India will be picking stakes in both offshore gas discovered in the Farsi offshore block, also known as Binaloud, as well as developing gas fields. The project consists of storage and loading facilities at the port.

India is reportedly talking to Iranian government officials, which will look into the details of how to proceed with the stake sale. However, a foreign ministry official said that India will have a presence in both developing the offshore block and laying pipeline to get the gas out at the LNG terminal. The gas can also be sent to India through LNG ships or via pipeline that is still needs to be deliberated on.

According to another government official, a handful of Indian government owned companies headed by ONGC Videsh Limited and few private India firms will form a consortium that will pick up stakes in the project. As per estimates, the Farsi offshore block has a gas reservoir of 21.68 trillion cubic feet (tcf) of which 12.8 tcf of gas and 212 million barrels of condensate are recoverable.

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