The Islamic Republic of Iran will export 5 million tons of LNG to India annually.
Tehran has asked New Delhi to pay $1 billion advance to complete its LNG installations in South Pars gas field and start LNG exports to India in 2012.
Iran LNG Company, an affiliated company to the National Iranian Oil Company (NIOC), has asked India's ONGC and Hinduja to pay $1billion advance to complete the $4,350 billion LNG installations in South Pars gas field.
Tehran and New Delhi in 2005 signed a contract based on which Iran was committed to export 5 million tons of LNG to India, annually.