Indian and Angolan companies acquire stake in Iranian oil project

2 December 2009

New Delhi, India, 2 Dec – The partnership between groups Oil and Natural Gas Corp (ONGC) and Hinduja of India has obtained a 40 percent stake in the South Pars 12 project in Iran, the chief executive of Iranian state oil company said Tuesday in New Delhi.

Angolan state oil company Sonangol, will have a 20 percent stake in the project, whose development will cost US$7.5 billion, said Seifollah Jashnsaz.

Gopichand P. Hinduja, the deputy chairman of the Hinduja group said that ONGC and his own group would have 20 percent each.

The remaining 40 percent will remain in the hands of Naftiran Inter-Trade Company, a subsidiary of Iran’s National Oil Company.

The South Pars-12 project is expected to produce 3 billion cubic feet of gas per day, two thirds of which will be liquid gas for export, and the remainder will be consumed in the domestic market. (macauhub)