In a snub to India, Iran has signed initial pact with Russia’s Gazprom for developing ONGC-discovered gas field of Farzad B but has kept the door open for awarding it to the Indian firm.
With Tehran delaying the award of rights to develop the 12.5 trillion cubic feet gas field to its discoverer — ONGC Videsh Ltd — India decided to cut oil imports from Iran by a fifth in 2017-18.
Iran retaliated by first cutting by one-third the time it gave to Indian refiners to pay for oil they buy from it as also raising ship freight rates, and now by signing a memorandum of understanding (MoU) with Russian gas monopoly Gazprom. Read More…
Credit By: Money Control
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