Iran signs up Gazprom for developing ONGC discovered Farzad B gasfield
The Dollar Business Bureau In an apparent rebuff to the Indian government for cutting down oil imports from its country, Iran has decided to sign a pact with Russia’s Gazprom for developing the ONGC discovered Farzad B gas field. The Farzad B Iranian natural gas field was discovered by ONGC in 2012. Commencing production in 2013, the total in-place reserves of the gas field are around, 21.7 trillion cubic feet of which around 60% is recoverable while production is slated to be around 1.1 billion cubic feet/day. Since Iran kept delaying in awarding the rights to develop to ONGC, India decided to cut down the oil imports by a fifth or 190,000 barrels per day from 240,000 bpd, in 2017-18. In return, Iran ...
MRPL to clear Iran oil dues
The Dollar Business Mangalore Refinery and Petrochemicals (MRPL) on Thursday announced that they are willing to pay the dues of oil imported from Iran as soon as the banking channels become available. MRPL and other refineries were enjoying the free-shipping modalities that Iran had extended, when the west had imposed sanctions against it. H Kumar, MRPL Managing Director told the media that as the sanctions on Iran were now lifted, there would be clarity in the payment channels. He also added that as soon as the banking channels are cleared, MRPL will make the payments. He was responding to the issue of clearing $6.5 billion oil dues to Iran by Indian refiners that also included MRPL. Responding to the reasons for deferring payments, Kumar said, during ...
India cuts oil imports in January to achieve fiscal target
Sai Nikesh | The Dollar Business With March 31, 2015 deadline ending Tehran's isolation by world nations in return for curbs to its nuclear programme, arriving sooner, India is aiming at maintaining its oil shipments from Iran in the current fiscal year 2014-15, to remain in line with its shipments in the previous fiscal year 2013-14. To this effect, according to reports on Thursday, India has slashed its oil imports from Iran in January, 2015, as New Delhi hurried to make oil purchases from Iran. In this regard, India has also asked its refiners in January to cut oil purchases from Iran, saying the purchases are going above the sanctioned limits and also to maintain the purchases in line ...
