Hinduja Group plans $ 50-billion investments in oil, gas in Iran

06 May 2008

Mumbai: The Hindujas propose to invest about $50 billion (Rs200,000 crore), including capital outlay for oil and gas projects in Iran, over the the next five years.

Hindujas are eyeing Iran's South Pars Phase 12 gas field and the Azadegan oil asset, in partnership with ONGC Videsh, the overseas arm of exploration major Oil and Natural Gas Corporation.

The two have jointly conducted due diligence on Iran's South Pars gas field and are preparing for due diligence on Azadegan field. The projects will involve huge investments in the range of $10-20 billion.

Hindujas and ONGC are also planning to build a 300,000 barrels-a-day oil refinery and a 7.5 tonnes-a-year liquid natural gas terminal in southern India.

The group has received clearance for their project to build 2,000 MW of generating capacity in Andhra Pradesh.

The group plans to have a generating capacity of 10,000 MW at an investment of about $10 billion in the country.