ONGC to hold talks with Iranian officials tomorrow

New Delhi, Jan 2 (UNI) Country's upstream major Oil and Natural Gas Corporation (ONGC) today said it will initiate talks with the Iranian authority tomorrow in order to give thrust to jointly develop two large energy assets with the Hinduja Group in the Gulf nation.

''We have a memorandum of understanding (MoU) with the Hindujas.

Under that platform we are going to discuss the issues,'' ONGC Chairman and Managing Director R S Sharma told reporters here on the sidelines of a conference.

He said ONGC and the Hinduja Group expect to tie up for an interest in Iran's South Pars Phase 12 gasfield and the Azadegan oil asset.

Mr Sharma added that an announcement may be made tomorrow. He however did not divulge further details about the participating interest of both the firms.

Earlier this month, it was reported that ONGC Videsh Ltd (OVL), an overseas arm of ONGC, would collaborate with the Hinduja Group to help develop the Iranian oil and gas assets.

Earlier OVL had approved the signing of an initial agreement with the Hinduja Group for jointly acquiring oil and gas assets abroad, especially Iran.

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