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FinancialNews
07-03-18
Iranian company, Indian ONGC sign deal for oilfield development
(MENAFN) An initial non-binding deal was said to have been signed between an Iranian company and Indian Oil and Natural Gas Corp Ltd (ONGC) for the development of Susangerd oilfield in Iran.
ONGC Videsh revealed its expectation of confidentiality contract to be signed in the upcoming days with IDRO Oil, the subsidiary of Iran's Industrial Development and Renovation Organisation (IDRO).
It also confirmed that in order to be allowed for bidding for the discovered oilfield, IDRO Oil needs to be granted an approval from National Iranian Oil Co (NIOC).
The agreement, as declared by ONGC Videsh, is to be signed on commercial and technical basis, though the resolution on the amount of stake ONGC will be offered is not settled yet.
MENAFN0703201800450000ID1096553507
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