The state-owned Indian Oil Corporation (IOC) is in talks with the National Iranian Oil Company (NIOC) for future cooperation in an olefin project. IOC officials are expected to visit the Islamic republic in the next week to continue negotiations, reported Times of India.
NIOC produces about 3.8 million barrels of oil per day from its 90 billion barrels of proved reserves. It also has natural gas proved reserves of 812 trillion cubic feet. Oil accounts for 40 – 50 percent of government revenues and 80 percent of Iran’s hard currency earnings. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
