Oil and Natural Gas Corporation (ONGC) may take up the 20% stake of Malaysias Petronas in a US$ 2 billion liquefied natural gas project in Iran. Petronas had abandoned its 20% interest in the Pars LNG production company set up last year to build a US$ 2 billion liquefaction facility in Iran.
The project involved conversion o phase-n of the giant south Pars offshore gas field into LNG. Frances Total SA and Petronas hold 60% and 40% in the partnership looking to develop block 11. The two had also formed a production company Pars LNG, half owned by Iranian state oil firm National Iranian Oil Co, with Total holding a 30% share and Petronas 20%. While Petronas withdrew from the LNG production project, as commercial terms did not meet its investment criteria, it was still committed to the development of gas in block 11.
Posted On : 8/23/2005 2:44:23 PM