In a major setback to
The joint venture of ONGC Videsh - the overseas arm of state-run Oil and Natural Gas Corp — and Hinduja Group firm Ashok Leyland Project Services Ltd, was touted to get at least 45 per cent stake in the 260,000 barrels per day South Azadegan oilfield but Beijing apparently offered multi-billion dollar soft loans to bag the rights, industry sources said.
The China National Petroleum Corp (CNPC) on Sunday signed a contract with National Iranian Oil Co's overseas subsidiary, Naftiran Intertrade Co (NICO) in
NICO, which held 90 per cent stake in the field, would be left with 20 per cent interest while Inpex of Japan would hold the remaining 10 per cent.
Sources said China has agreed to even contribute NICO's share of the $2.5 billion cost for developing the field that holds an estimated 42 billion barrels of oil reserves, one of the world's largest finds in the last 30 years.
CNPC had in January won rights to develop the North Azadegan oilfield and the Indian alliance was preferred for the southern fields as
South Azadegan and Phase-12 of the giant South Pars gas field in the Persian Gulf were two projects the Indian joint venture was pursuing in
An official in the ONGC-Hinduja joint venture confirmed losing
Indian firms, they say, are facing slight resistance as
Initially, Swiss-based NICO had 90 per cent share for the development of
However, NICO was unable to finance the project and ONGC -Hinduja Group was said to get half of its share, sources said, adding Hindujas had even signed a preliminary deal with NIOC in August 2007 for South Azadegan and South Pars Phase-12.
Under Iranian law, companies hand over operations of fields to NIOC after development and then receive payment from oil or gas production for a few years to cover their investment. The so-called buy-backs provide for a fixed return on the investments made by the companies.
CNPC, sources said, would invest $1.76 billion in the
Azadegan, in west
Wednesday, September 30, 2009
ONGC-Hinduja JV loses rights to dev Iran's oilfield to China
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