India will delay taking up development of the Farzad B offshore gas field which it had won in Iran as US sanctions will make it difficult for OVL Videsh as well banks involved to invest $ 2.4 billion required to develop the first phase of gas field which is supposed to produce one billion cubic feet a day of gas.
Top officials said the investment “would be difficult under the circumstances at this juncture. We will be talking to the Iranians to ask them for more time. Once the sanctions are lifted after due negotiations we would try and invest in a fast forward mode.”
India has already stopped buying Iranian crude after the US made it clkear that it would not grant an exemption to India, Japan, Read More