The Hindus are moving into Iran

India is to invest billions to develop Iranian oil fields while Pakistan votes on who gets murdered next. Strange times. Sorry, my cynical side is showing.

clipped from sify.com ONGC and Hinduja Group may invest $10 billion for developing oil and gas fields in Iran. R.S. Sharma, ONGC Chairman and Managing Director, told newspersons here today that, “the development of South Pars gas field Phase-12 and Azadegan oil field will cost $5 billion each.” The Azadegan oil field may hold reserves of as much as 40 billion barrels, he said. “Our first round of discussions has been very positive. We are proceeding cautiously but steadily. The areas have huge potential,” he added In fact, Hindujas have evinced interest in picking up a majority stake in the refinery project. ONGC’s subsidiary Mangalore Refinery is to hold 26 per cent stake in Kakinada Refinery Petrochemicals Ltd, the company set up to implement the refinery project. IL&FS is to hold 51 per cent stake and the balance is expected to with an Andhra Pradesh Government-appointed agency.