India’s plan to develop natural gas assets in Iran has been buried in the wake of the US administration’s withdrawal of exemption from sanctions for trade in crude and natural gas with the Persian Gulf nation. A consortium, led by ONGC had held protracted negotiations with Iran since 2002 to develop the Farzad B offshore natural gas asset. However, financial institutions have made it clear that they will not risk funding the project for fears of being targeted under US secondary sanctions.
