Saturday, January 08, 2005

India, Iran cut big energy deal

India, Iran cut big energy deal: "India, Iran cut big energy deal

Big News Sunday 9th January, 2005

India has agreed to spend a reported $40 billion on an energy deal with Iran, the Financial Times reported Saturday.

The preliminary agreement with the National Iranian Oil Co., unofficially estimated to be worth $40 billion, commits India to import Iranian liquefied natural gas and help develop two oil fields and a gas field in the Persian state.

The LNG imports are expected to start in 2009 and last for 25 years, and Iran will pay India 90,000 barrels of oil per day for its help in developing the oil and gas fields.

India's rapidly growing economy is expected to hike oil demand least 3.6 percent yearly for the next three years. The country imports about 70 percent of its crude oil needs."


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