Shirish Nadkarni
OGJ correspondent
MUMBAI, June 14 -- India has signed a deal with Iran worth $18 billion for the import of 5 million tonnes/year of LNG for 25 years, beginning in 2009.
As part of the deal, Iran will offer participating interests in oil fields to a consortium of Indian companies, including ONGC Videsh Ltd., Indian Oil Corp., Oil India Ltd., and GAIL (India) Ltd.
The consortium is to receive a 10% stake in Yadavaran oil field and a 100% participating interest in a smaller oil field, Juffair.
The two oil deals represent 60,000 b/d of oil for import by India.
The contract price for the Iranian LNG at the Indian border is about $3.515/MMbtu. Under an earlier deal with Qatar, India pays $2.79/MMbtu for LNG.