November 30, 2009 5:15 PM

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India proposes to invest 6.5 billion US Dollars to develop gas fields in Iran

India on Monday proposed to invest 6.5 billion US Dollars to develop gas fields in Iran and sought more liquefied natural gas from Teheran. At the same time, India asked Iran to honour the 2005 LNG import deal and ensure secured supplies of gas through the Iran-Pakistan-India pipeline. In the first high-level contact in two years, India told the visiting Iranian Deputy Oil Minister and National Iranian Oil Co Managing Director, Seifollah Jashnsaz, that it is keen to buy 5 million tonnes of LNG a year besides the ones signed in 2005. Sources said, India also asked Iran to give the ONGC Videsh-led group rights to develop the gas field it discovered in the offshore Farsi block. On the 7.4 billion US Dollars Iran-Pakistan-India gas pipeline, India said it is willing to be part of the project provided Iran guarantees safety of the pipeline in Pakistan.

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