If India backs out of the Farzad-B natural gas block deal, Russian companies could be stepping in to fill the vacuum, according to remarks by Iranian Oil Minister Bijan Zangeneh on Thursday.
It originally looked as if the field in the Persian Gulf would be offered to India after the country offered a $3 billion investment plan, but Tehran has been on the lookout for better bids since negotiations with the Asian country became topsy-turvy. A consortium of Indian companies originally discovered the field in 2008, before international sanctions against Iran for its controversial nuclear program went into effect.
Last week, there were signs that talks between India and Iran regarding the deal had broken new ground.
Credit By: Oil Price
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