Iran Keen to See Oilfield Investment by India

TEHRAN (FNA) Iran Wednesday invited Indian companies to invest in developing oilfields.

“Indian private and public sector companies can invest in developing gas fields in our country,” Iranians Economic Affairs and Finance Minister Davoud Danesh Jafari said after a meeting with Indian Petroleum Minister Murli Deora in New Delhi, the Telegraph reported.

Sources said the Iranian government was keen on Indian companies setting up gas plants in the country under a buyback arrangement.

Jafari said, “A solution to implement the LNG deal should be arrived at by the two countries.” Deora, too, was optimistic that the LNG deal could be worked out.

A contract was signed in 2005 between Tehran and New Delhi for supply of 5 million tons per year of LNG by Iran. However, the deal ran into trouble over pricing issues.