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NEW DELHI, Nov. 30 (UPI) -- Indian energy executives are interested in providing funds to help Iran develop parts of the massive offshore Shah Deniz gas field, Tehran said.
Seyfollah Jashnsaz, managing director at the National Iranian Oil Co., led a delegation to New Delhi to discuss expanding bilateral energy ties.
The NIOC director aims to encourage ONGC Videsh Ltd., the overseas investment division of India's Oil and Natural Gas Corp., to invest in Phase 12 of the South Pars gas field, the semiofficial Mehr News Agency reports.
ONGC might be eyeing a 20 percent stake in South Pars development, the report said. Tehran said it would need around $40 billion to develop the South Pars gas complex within the next decade.
Tehran is anxious to improve its energy relationship with New Delhi as it struggles to make progress on the Iran-Pakistan-India gas pipeline.
IPI would bring gas from South Pars to Pakistani and Indian markets. Tehran has an IPI deal with Islamabad in hand and claims a portion of the pipeline is constructed already in Iranian territory.
Though New Delhi has not budged substantially on IPI, Tehran said the "door is open" for further talks.
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