Iranian Minister of Petroleum Bijan Zangeneh said Tehran and New Delhi are interested in setting up joint ventures in long-term petroleum projects.
Addressing Iran-India business conference at Tehran Chamber of Commerce Saturday evening, Zangeneh said: "We had thorough conversations today and signed an MoU for development of Farzad B gas field, refinery cooperation, export of crude oil and petroleum products and mutual cooperation in petrochemical industry."
He said Tehran and New Delhi have also agreed on setting up major joint ventures and enhancing their strategic relations, adding, "We hope Iranian and Indian companies reach out for each other and, under the new circumstances, the two countries boost their investments."
He said Indian companies have indicted keenness to buy natural gas from Iran to feed their petrochemical and other energy-consuming industries, and Iran would deliver gas to Indian customers in Chabahar or any other ports where Indians are willing to invest to feed methanol, steel and aluminum plants.
Zangeneh said Iran views Farzad B project as the first priority for development by Indian investors and the latter must make assessments in this regard. "We hope decisions regarding the project's development will be made before 2017."
Farzad B gas field can produce 3 bcf/d of natural gas but Iran has signed an MoU with Indian developers for extractions of 1 bcf/d of natural gas from the field, the Iranian official added.