*Tehran – Iranian Minister of Petroleum Bijan Zangeneh said on Saturdaythat during President Hassan Rouhani’s recent visit to India, the twocountries agreed in principle on development of Farzad B oilfield.*

He hoped that they will also reach agreement on the details of the project.

India’s involvement and investment in developing Iran’s oil and gas sectorswas put forward during Indian Prime Minister Narendra Modi’s visit toTehran last year.

Indian oil and gas company ONGC Videsh has finalized a plan worth overthree billion dollars to develop Farzad B oilfield, for which it hasproposed amendments.

During Rouhani’s trip to India in mid-February, 15 documents were signed bythe two countries.

Indian companies expressed interest in investing in Farzad B oilfield whichwas approved by the Iranian president.