No obligation to award project to India, Iran says on Farzad B field row
The Dollar Business Bureau Despite India’s offer to spend around $11 billion (about Rs.70,000 crore) for the development of Farzad B gas field in Iran and building the infrastructure for exporting the gas, Tehran had stated that it is under ‘no obligation’ for awarding the contract for the gas field to India, according to media reports. New Delhi is willing to invest as long as Iran assures a “reasonable return” on the gas project. India’s state-run oil company ONGC Videsh Ltd has given the offer for investing around $6 billion in the Farzad-B gas field project and the remaining amount to spend in building a facility for liquefied natural gas (LNG) exports. On the contrary, Iran has signed an agreement with Russian gas ...
Iraq, not Saudi biggest oil exporter to India
The Dollar Business Bureau Iraq has become the largest oil exporter to India surpassing Saudi Arabia. In the month of April, 22% of the Indian oil imports were from Iraq, while 18 % of oil was imported from Saudi Arabia. During the same month previous year, 25% of oil imports to the country were from Saudi Arabia while 15% were from Iraq. According to A K Sharma, Head of Finance at Indian Oil Corp, the oil imported from Iraq is cheaper and a better alternative than the Saudi Arabian oil. This is mainly because of the better prices offered by Iraq. There is a huge variation in the prices of both the countries. Iraq has continuously maintained its official selling price (OSP) ...
Indian Oil Gives LNG Storage Tank Contract to Japan's Mitsubishi Heavy Industries
Source: PTI Indian Oil Corporation, the country's largest fuel retailer, has awarded a contract to build two football stadium-sized LNG (liquefied natural gas) storage tanks at its upcoming Ennore LNG import terminal in Tamil Nadu to Japanese firm Mitsubishi Heavy Industries Ltd (MHI). "The LNG tanks will be the main facility at the first LNG receiving terminal to be constructed on India's East Coast," Mitsubishi Heavy Industries said in a statement. This is also the first LNG storage tank order that MHI has received from India. "Construction of the tanks is slated to begin in July of this year; completion is scheduled for the spring of 2018," MHI said. The high-capacity LNG storage tanks will have a capacity to hold 180,000 ...
