Indian Oil Corporation News | Iraq Business News | New Urea Phosphate Fertilizer Plant At Al-Anbar

Iraq offers discovered oil blocks to India

5:01 AM, 13th July 2013
Indian Oil Corporation News

NEW DELHI, INDIA: The government of Iraq has offered three discovered oil blocks to India in Middle Furat oil fields on nomination basis. Besides, the West Asian energy major will also invest in the Rs 30,000-crore ($5008million) Paradip refinery by IndianOil Corporation (IOC). India may also buy crude oil worth $20 billion from Iraq.

Iraq government also indicated that it is open to consider more favorable commercial terms including extending the interest free credit period from 30 to 60 days. Other major decisions included the country looking into LNG imports from Iraq and possibility of Indian participation in exploration as well as petrochemical projects.

“A lot of these things would be finalized during the visit of Iraq Prime Minister to India. They have currently offered three discovered oil blocks, the size of which is comparatively higher,” said M Veeraappa Moily, Minister for Petroleum and Natural Gas, India.

“After detailed deliberations, it was agreed to have a letter of intent and confidentiality agreement to establish a urea plant and phosphate fertilizer unit as joint sector projects in Al-Qaim/Al-Anbar area in Iraq. India may also import sulphur from that country,” added Moily.

© Business Standard News

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