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OVL to invest over $3bn in Iran gas block

OVL to invest over $3bn in Iran gas block

Wednesday, April 5, 2017, 12:14 PM

ONGC is planning to invest over USD 3 billion in the Farzad-B natural gas block in Iran. The proposed investment will be driven through a consortium of state-run oil companies led by its overseas arm ONGC-Videsh (OVL). The statement comes amidst media reports that government is threatening to massively reduce crude intake from Iran as Tehran delays clearing the investment plan in the block.
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