PetroPars & India's IOC To Jointly Develop Iran Gas Block & Export LNG.State-run refiner re·fine v. re·fined, re·fin·ing, re·fines v.tr. 1. To reduce to a pure state; purify. 2. To remove by purifying. 3. Indian Oil Corp. on Nov. 2 announced it had reached an agreement with Iran's PetroPars to jointly develop a natural gas block in the South Pars offshore field in Iran. The two companies also propose to have a liquefaction liquefaction, change of a substance from the solid or the gaseous state to the liquid state. Since the different states of matter correspond to different amounts of energy of the molecules making up the substance, energy in the form of heat must either be supplied to facility built in Iran for LNG LNG (liquefied natural gas): see under natural gas. exports to India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. , IOC IOC abbr. International Olympic Committee IOC n abbr (= International Olympic Committee) → COI m IOC n abbr (= said in a statement. "The investment decision will be taken once necessary agreements are entered into with the National Iranian Oil Co.", it said. PetroPars is a unit of NIOC NIOC National Iranian Oil Company NIOC Navy Information Operations Command (US Navy) NIOC Naval Information Operations Command (US Navy) NIOC Northern Illinois Orienteering Club . A senior IOC official said the development of the gas block is estimated to cost more than $3 billion and the two companies will share the costs directly in proportion to their equity. The size of the respective stakes has not yet been decided. Last month, IOC Chairman M.S. Ramachandran told reporters that the Iranian Oil Minister Bijan Zanganeh had agreed to give IOC one of the 12 South Pars field blocks. Ramachandran said: "The gas production from the block would be the property of NIOC. We will have to negotiate a price with NIOC to buy that gas for export to India [in LNG form". India has around 80 MCM/day of gas available for sale, which meets only around 70% of the country's demand. The vast country will depend on natural gas imports despite local discoveries, as demand is to reach 325 MCM/day by 2019-20. In view of that surge in demand, Indian firms are looking at the prospect of buying stakes in oil and gas fields overseas to supplement a flagging domestic petroleum output. |
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