OVL drops plan to build LNG export facility in Iran
New Delhi, Feb 25 () ONGC Videsh Ltd has shelved plans to build a USD 5 billion LNG export facility in Iran and has instead opted to only invest in developing a giant gas field in the Persian Gulf, for which a revised cost is being worked out, an official said. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), had last year made its 'best' offer to spend USD 11 billion in developing the Farzad-B field in the Persian Gulf as well as in building the infrastructure to export the gas but Iran deterred on awarding the rights ...
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