Indian oil cos to invest $3 bn in Iran block

New Delhi, Jun 13: Country's state-run oil companies plan to invest three billion dollars in Iran's Farsi block having one billion bpd capacity. ''So far, we have invested 90 million dollars and if we are allowed to develop the field, we would be investing around three billion dollars,'' an Indian Oil Corporation official told reporters here today.

Oil and Natural Gas Corporation, Indian Oil Corporation have stake of 40 per cent each in the block for developing gas fields, while the rest is owned by Oil India Ltd. In December last year, the companies had submitted a gas commerciality report with Iranian authorities, the official said.

UNI