India Granted Iranian Approval for Oil, Gas Stakes

Hinduja Group and ONGC Videsh have been granted Iranian approval for a 45% interest in the Azadegan oil field and a 60% interest in Phase 12 of the South Pars gas field, reported Fars News Agency.

The deal, signed by Hidujas and National Iranian Oil Company in August 2007, has been reportedly stymied "presumably due to attempts by the U.S., which seeks to undermine Indo-Iranian relations and also China," which also sought to make similar deals.

Hinduja Group President G.P. Hinduja told Fars that this may open up the opportunity for his company to obtain the 5-million-tons LNG import deal, which would bring in line the Iran-Pakistan-India gas pipeline project.

Iranian President Mahmoud Ahmadinejad is traveling to India this week to meet with India's president to discuss two multi-billion dollar energy deals, reported Fars.

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