Seifollah Jashnsaz, managing director of the National Iranian Oil Co. (NIOC) told a state television channel that the country intends to spend USD 70 billion on the development of two offshore gas fields between 2010-2015, and that the money would be spent on the development of the huge North and South Pars gas fields. USD 40 billion of the money would be spent on the South Pars field while USD 25 billion would be spent developing North Pars. Mr Jashnsaz did not disclose where the USD 70 billion of funding would come from, nor did he say where the additional USD 5 billion would be spent.
