Iran, India and Oman are mulling delivery of the Iranian natural gas to the Indian market through a deepwater pipeline, media reports said.
Iranian Foreign Minister Mohammad Javad Zarif, Indian Foreign Minister Salman Khurshid, and Omani Foreign Minister Yousuf bin Alawi bin Abdullah were scheduled to meet in the Indian capital, New Delhi, on Friday afternoon to discuss the issue, press tv reported.
This is the first time the negotiations on the project are being held at the ministerial level.
In December 2013, Iran generally agreed to establish the deepwater pipeline, which is planned to cross the Sea of Oman.
India’s South Asia Gas Enterprise Pvt. Ltd. (SAGE) has conducted feasibility studies for the planned 1,400-kilometer pipeline, which is estimated to cost $4-5bln and would carry 31 million cubic meters (mcm) per day of gas to India.
The envisaged pipeline will carry gas from Iran’s gigantic South Pars gas field.
South Pars covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar’s territorial waters.
India is among Asia’s major importers of energy and relies on Iran to meet a portion of its energy demands. Iran was the second-largest supplier of India’s crude oil before illegal US-led sanctions were imposed on the Islamic Republic about two years ago.