According to Press Trust of India, Iran will supply the LNG at 1.2 dollars plus 0.0625 USD of Brent per million British Thermal Unit (MBTU). The LNG supplies to India are likely to begin in 2008-09.
"We have reached an agreement. The deal will be signed in the afternoon,"Iranian Oil Minister Bijan Namdar Zanganeh said here Thursday.
"We have reached a broad agreement with Iran," ONGC Chairman and Managing Director Subir Raha said.
As per the deal, Tehran will also give India 20 per cent stake in the development of its biggest onshore oil field, Yadavaran.
Chinese company Sinopec will be the operator of the field with 50 per cent stage and National Iranian Oil Company will have 30 per cent share. ONGC Videsh Ltd, the overseas arm of ONGC, will have the remaining 20 per cent stake in the oil field, which has a potential to produce 300,000 barrels per day.
GAIL chairman Prashanto Banerjee said "we have come to a good deal. In the present circumstances, it is a good deal."
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