Reliance group along with BP PLC and Iran's National Iranian Oil Co have completed a $10 million feasibility study for setting up a liquified natural gas (LNG) project in southern Iran, a Reliance official told AFP.
"The study was initiated early last year and a decision to work out the modalities of setting up the project would be decided soon," the official said.
He said by early next year an agreement on the project would be signed by the three concerned parties.
The around 8.0 million tonnes per annum project would source gas from Iran's offshore South Pars field and it pipe it to a LNG plant to be set up at the Pars Special Energy Economic Zone.
The LNG would then be exported to meet the growing needs of gas in India and to other Asian and European markets, he said.
The Reliance group, which led the study, would hold a 25% stake in the project while BP would hold 25% and National Iranian Oil the remaining 50%.
"As far as bringing the gas to India from Iran is concerned, the details are still to be worked out. We can even ship in the gas from Iran," the official added.
The US is going to ban exports of Iranian oil to the world market from November 5 of this year. In turn, Iran threatens to block the passage of oil tankers of the Gulf countries through the Strait of Hormuz
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