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India offers $11 billion to develop Iranian gas field

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India offers $11 billion to develop Iranian gas field

[vc_row][vc_column][vc_column_text]ONGC to lead the consortium

With lifting of UN sanctions  following Iran’s compliance with conditions stipulated for its nuclear deal with six world powers, India has expressed its willingness to spend 11 billion dollars to develop giant Iranian natural gas field and build infrastructure to export fuel as long as Tehran guarantees “reasonable return”.

According to Bloomberg, ONGC Videsh Ltd has offered to invest as much as six billion dollars on the Farzad-B field and spend remaining amount to build liquefied natural gas (LNG) export facility.

Narendra Kumar, Managing Director of the overseas investment unit of ONGC shared this information. The group is seeking a return of about 18 percent and Indian companies are willing to buy all the gas exported from the project. He was quoted as saying, “We have told the Iranian authorities very clearly that some basic returns are necessary.”

India is presently the fourth largest LNG buyer and seeks to sign a long-term deal to meet the growing demand. It found an opportunity in Iran, now emerging out of its isolation with gradual lifting of UN sanctions after signing of nuclear deal. The two countries were supposed to conclude a deal in February this year for developing the gas field which India believes holds 19 trillion cubic feet of gas reserves. India has been trying to secure development rights to the Farzad-B gas field since 2009.

ONGC Videsh and Indian Oil each own 40 percent interest in the Farsi block that holds Farzad-B field, while Oil India has 20 percent share.

Prime Minister Narendra Modi, during his Tehran visit in May last year, had signed a historic deal with Iranian President Hassan Rouhani and Afghan President Ashraf Ghani to develop the strategic Iranian port of Chabahar. This will directly connect India to Afghanistan and reach to Central Asian countries and Europe through north-south business corridor.

India-Iran bilateral trade during the fiscal 2014-15 was 13.3 billion dollars. India imported 8.89 billion dollars worth of goods mainly crude oil and exported commodities worth 4.17 billion dollars.[/vc_column_text][/vc_column][/vc_row]

India News

BJP raises seat offer to Eknath Shinde’s Shiv Sena to nearly 90 ahead of Mumbai civic polls, talks continue

The BJP has raised its seat offer to Eknath Shinde’s Shiv Sena to nearly 90 for the upcoming BMC elections, but fresh talks are needed as differences persist within the Mahayuti.

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With the Brihanmumbai Municipal Corporation (BMC) elections drawing closer, the seat-sharing tussle within the Mahayuti alliance continues, with the BJP increasing its offer to Eknath Shinde-led Shiv Sena but failing to reach the party’s expectations.

According to sources, the BJP has now proposed close to 90 seats for the Shinde faction in the upcoming Mumbai civic polls. This is a significant jump from its earlier offer of 52 seats but still falls short of what Shinde is seeking. The Shiv Sena leader has reportedly reduced his demand from an initial 125 seats to 112, yet remains dissatisfied with the latest formula.

Chief Minister Devendra Fadnavis is expected to hold another round of discussions with Shinde to break the deadlock. Sources indicate that the BJP is unlikely to stretch its offer much further, especially after its strong showing in recent statewide local body elections.

BJP firm after strong local poll performance

The BJP has emerged as the single largest party in the recent local polls, securing 117 municipal president posts. In comparison, the Shinde-led Shiv Sena won 53 posts, while Ajit Pawar’s faction of the NCP secured 37. These results have strengthened the BJP’s negotiating position ahead of the BMC elections.

However, the current seat-sharing calculations could change if Ajit Pawar decides to contest the Mumbai civic polls as part of the alliance. Senior NCP leader Sunil Tatkare confirmed that no final decision has been taken yet, noting that discussions with alliance partners are ongoing.

Nawab Malik factor complicates alliance talks

A major point of contention within the Mahayuti is the issue of senior NCP leader Nawab Malik, who is facing multiple corruption cases, including a money laundering case linked to underworld activities. While the alliance has made it clear that Malik is unacceptable as part of its Mumbai setup, Ajit Pawar is reportedly firm on backing him.

Mumbai BJP chief Ameet Satam has publicly stated that the party would not align with any group that includes Malik. Sources added that if the NCP joins the alliance in Mumbai, it may be asked to project a different leader and contest a limited number of seats.

BMC elections timeline

The countdown to the Brihanmumbai Municipal Corporation elections has already begun, with less than a month left for polling. Voting is scheduled for January 15, with counting set to take place the following day. A total of 2,869 municipal seats will be contested, including 227 seats in the BMC.

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Everyone has their demands: Robert Vadra responds to calls for Priyanka Gandhi as PM candidate

Robert Vadra has reacted to growing calls for Priyanka Gandhi as a prime ministerial candidate, saying leadership speculation should not overshadow pressing issues like pollution and employment.

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Robert Vadra

Businessman Robert Vadra has reacted cautiously to growing political chatter around Congress leader Priyanka Gandhi Vadra being projected as a future prime ministerial candidate, saying such expectations are natural but the priority should remain on issues directly affecting the people.

The remarks came after Congress Lok Sabha member Imran Masood publicly pitched Priyanka Gandhi, the party’s general secretary and MP from Wayanad, as a potential prime ministerial face. The statement triggered sharp reactions from the BJP, particularly in the backdrop of criticism over Priyanka Gandhi’s response to violence against minorities in Bangladesh.

Focus should remain on people’s issues, says Vadra

Speaking to media, Robert Vadra said that demands and expectations often emerge from different sections, but leadership speculation should not distract from pressing national concerns.

“Everyone has their own demands. There are demands from various quarters that Priyanka should come forward. There are also demands that I should enter politics. But right now, the focus should be on the real issues that concern the people of the country,” Vadra said.

He underlined that challenges such as pollution, education and employment deserve greater attention in public and political discourse.

Emphasis on brotherhood and unity

Commenting on the situation in Bangladesh, Vadra stressed the importance of harmony and communal unity, cautioning against divisive narratives.

He said that during his visits to religious places across the country, he has observed similar values and concerns among people of different faiths. According to him, unity and brotherhood should guide discussions, rather than any Hindu-Muslim divide.

“No one should be involved in divisive activities. The focus should be on serious challenges facing the country,” he added.

Domestic concerns should come first

Vadra also said that national priorities must take precedence before engaging with issues beyond India’s borders.

“First, we should focus on matters related to our own country. After that, we can look at issues concerning Bangladesh or any other nation,” he said.

Pollution needs urgent attention

Highlighting environmental concerns, Vadra said pollution in the national capital has reached alarming levels and requires immediate solutions. He noted that the issue did not receive adequate discussion during the Winter Session of Parliament.

He pointed out that Priyanka Gandhi had also intended to raise the issue of pollution in Parliament. Vadra suggested that if domestic measures fail, international cooperation could be explored to address worsening air quality.

Christmas greetings and call for peace

On the occasion of Christmas, Vadra extended greetings, saying he prayed for peace, unity and the overall well-being of the country.

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J&K cabinet clears residential plot allotment for flood-affected families

The Jammu and Kashmir cabinet has approved allotment of residential plots to families affected by floods and landslides in August and September, paving the way for rehabilitation.

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In a significant relief measure for disaster-hit families in Jammu and Kashmir, the government has approved the allotment of residential plots to people whose homes were damaged or destroyed in floods and landslides earlier this year. The decision aims to help affected families rebuild their houses at safer locations.

The Jammu and Kashmir cabinet, led by Chief Minister Omar Abdullah, has cleared the 5 Marla residential land allotment scheme. A senior official said the proposal has been forwarded to the Lieutenant Governor for assent, marking an important step towards large-scale rehabilitation.

According to the government, the decision will cover families impacted by floods, cloudbursts and landslides that occurred during August and September across the Union Territory. Most of the damage was reported from the Jammu region, where thousands of houses were affected due to extreme weather events.

Official data shared earlier in Parliament indicated that the disasters caused widespread destruction. Around 200 people lost their lives, while more than 8,400 houses were damaged. In addition to property losses, large tracts of agricultural land were affected, and livestock losses were also reported.

A significant number of casualties occurred during religious pilgrimages. On August 14, flash floods at the Machail Yatra base camp in Chisoti area of Kishtwar district claimed over 60 lives, with several people reported missing. Another tragedy struck on August 26, when a massive landslide hit the Mata Vaishno Devi Yatra track in Katra amid heavy rainfall, killing 35 pilgrims.

Following the Katra incident, protests were held against the shrine board over the continuation of the yatra despite weather warnings. The Lieutenant Governor had ordered a probe into the landslide, directing a three-member committee to submit its report within two weeks. However, the report has not yet been made public.

While ex-gratia relief has already been provided to the families of those who lost their lives, the demand for land allotment to rebuild homes at safer locations has remained a key concern among survivors. Officials said identifying suitable land that is both safe and acceptable to local communities has been challenging.

A senior official said groundwork at the district level has largely been completed and the cabinet’s approval has paved the way for the rehabilitation process. The Centre has already sanctioned the reconstruction of 5,000 houses damaged in the floods in Jammu and Kashmir.

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