Talks With Iran On LNG Price Inconclusive

New Delhi, June 29 | Updated: Jul 1 2004, 04:30am hrs
The Indo-Iran joint working group (JWG) on hydrocarbon sector failed to arrive at any consensus on the price of selling five million tonne of LNG to India and on the terms for offering a stake in a discovered oil field in Iran.

Sources said while the Iranian side stuck to its offer price of $2.22 per million British thermal unit (btu), India was not willing to pay more than $1.85 per mbtu.

After two days of deliberations, the two sides agreed to form two committees to look into pricing of lng and the terms for offering the oil field to Indian firm.

The two committees will submit their recommendations by August 15 and a deal was likely to be finalised by September this year.