The Hindu : Business : Iran ready to open $22 b LNG deal

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Thursday, Jan 17, 2008
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Iran ready to open $22 b LNG deal

Special Correspondent

NEW DELHI: In a major breakthrough, Iran on Wednesday said that it was ready to re-open and negotiate the “till now frozen” $22 billion liquefied natural gas (LNG) deal signed with India in 2005 offering five million tonnes of LNG for 25 years.

“We will discuss the issue when we finalise the contract. We are open to negotiations on the issue.

“We will cover all aspects during the talks, including movement of LNG prices in the international market. But we will give good concessions to India,” Iranian Minister for Economy and Finance, Davoud Danish Jafari, told reporters after his bilateral meeting with the Petroleum and Natural Gas Minister, Murli Deora, here.

Mr. Jafri said he had invited Mr. Deora to visit Tehran and offered that Iran was ready for investment by Indian companies, both in the public and private sector, in Iran’s oil and gas sector. “We are ready to offer Iranian gas fields to Indian companies. They could also set up a LNG terminal there. The quantum of LNG to India can be subject to investment in Iran’s oil and gas sector,” he said.

On the issue of Iran-Pakistan-India (IPI) gas pipeline, Mr. Jafri said he hoped that India and Pakistan would soon resolve differences to pave way for the implementation of the $7 billion project.

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