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European Companies Vying for Investment in Iran's Gas Sector

Service : Economy
TEHRAN, April 18 (ICANA) – Several European companies have announced their enthusiasm for making investment in the ninth line of Iran's national gas pipeline, Managing-Director of the National Iranian Gas Company (NIGC) Mohammad Javad Oji said.
Monday, April 18, 2011 6:15:15 PM
European Companies Vying for Investment in Iran's Gas Sector

"Recently a European company offered a proposal to extract gas from the field, construct the pipeline and even export the gas for us," Oji told FNA on Monday, adding, "We are now in negotiations with the company to finalize the contract terms."

Elsewhere, Oji referred to the talks held with Armenia on export of Iran's gas to the country, and said, "We have had some negotiations with the Armenian officials to increase gas exports to the country."

He mentioned that Iran exports less than one billion c/m of gas to Armenia at present, and said Tehran intends to boost gas supplies to the country by 600 percent.

Iran, which sits on the world's second largest reserves of both oil and gas, is facing US sanctions over its civilian nuclear program.

Iranian officials have dismissed US sanctions as inefficient, saying that they are finding Asian and European partners instead.

Earlier this week, a senior Iranian oil official had announced that the country is in talks with foreign firms and companies to funnel a huge sum of foreign investment into the development of its oil and gas fields.

"We are in talks with many foreign companies to attract $20 bln of investment," Managing-Director of the National Iranian Offshore Oil Company (NIOOC) Mahmoud Zirakchianzadeh said in a news conference on the sidelines of the 16th Oil, Gas, Refining and Petrochemicals Exhibition here in Tehran on Saturday.

Also, last year, a senior Iranian oil official said that the country has a comprehensive plan to accelerate implementation of oil and gas projects in shared onshore and offshore fields.

Managing-Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani said that the company intends to accelerate implementation of upstream projects to develop shared fields and to increase output.

Iran and Qatar share the oil and gas reserves of the giant South Pars gas field in the Persian Gulf. The Iranian share of the field has reserves of about 14 trillion cubic meters (46.2 trillion cubic feet) of gas, which accounts for about eight percent of total world reserves.

The Iranian Oil Ministry has defined over 20 phases of development for the South Pars gas field.

In June, the four largest oil and gas firms of Iran signed contracts for developing the remaining phases of the giant South Pars gas field, including phases 13, 14, 19, 22, 23 and 24 in June.

The Industrial Development and Renovation Organization of Iran (IDRO) and Petropars, Iranian Petro Paidar and Petrosina companies are due to execute the project for the development of phases 13, 14, 19, 22, 23, and 24 of the South Pars Special Energy Zone (SPSEZ).

In December, the National Iranian Oil Company (NIOC) inked a deal with a South Korean company on the development of phases 17 and 18 of the giant gas field.

Late in December, Iran announced that it plans to invest billions of dollars to develop two major phases of the South Pars gas field.

The Iranian government has agreed to invest an additional $1.5 billion in developing phases 9 and 10 of South Pars gas filed.

The investment in the two phases will reach $4.149 billion from the current $2.597 billion, resulting from a recent ratification by the government.

When all phases of the South Pars field become operational, the annual revenue of the field will soar to $100 billion, raising Iran's gas output to 1.1 billion cubic meters per day.

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