Why in the news?
After the Chabahar-Zahedan railway project, ONGC’s foreign arm OVL is also out of the Iran’s Farzad-B gas field exploration project.
Basic Facts
ONGC had originally signed an agreement in 2002 for exploration of Farzad-B gas field investing approximately $100 million thus far.
Government of India logic: The government of India cited policy changes by the Iranian government, Iran’s precarious finances, and the U.S. sanctions situation as the reasons for the decisions on Indian infrastructure projects in Iran.
Chabahar to Zahedan: Earlier, Iranian Railways and its transport department inaugurated laying of track for the 628-km stretch from the southern port city of Chabahar to Zahedan on the border with Afghanistan. Indian company IRCON was involved in this project.
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