i Develop Stocks Advisory

Saturday, June 14, 2008

ONGC Videsh ,IOC, OIL to invest in Iran gas field

ONGC Videsh, Indian Oil corporation and Oil India have together proposed to invest $ 3 billion in developing the Farsi gas field in Iran.

An official said the field holds recoverable gas reserve of about 12.8 tcf. The commercially proposal has been submitted to the Iranian authorities.

The block also holds 1 billion barrels of oil reserves.

GMT+5:30	Event	Vol.	Actual	Consensus	Previous
Thursday, Jun 12
11:30	Index of Services (3M/3M)	1	0.6%	0.7%	0.7%
11:30	Manufacturing Production (YoY)	1	0.4%	0.4%	-0.8%
11:30	Industrial Production (YoY)	1	-0.3%	-0.2%	-0.7%
11:30	Industrial Production (MoM)	2	-0.6%	-0.5%	-0.7%
11:30	Manufacturing Production (MoM)	2	-0.9%	-0.8%	-0.8%
n/a	NIESR GDP Estimate (3M)	1			0.6%
18:00	Producer Price Index ex Food & Energy (MoM)	2		0.3%	-0.4%
18:00	Producer Price Index (MoM)	2		0.2%	-0.5%
18:00	Producer Price Index ex Food & Energy (YoY)	3		3.1%	3.1%
18:00	Producer Price Index (YoY)	2		2.6%	2.4%