Iran signs South Pars deals

Iran will shortly sign the agreements to implement phases 9 and 10 of the giant South Pars gas development projects, Oil Minister Bijan Namdar Zangeneh has said. He did not reveal the names of the companies which will undertake the development of the two fields, having a combined value of two billion dollars. The names of France’s Technip and South Korea’s LG have been mentioned to carry out the projects with the partnership of Iran’s Oil Industry Engineering and Construction Co. Zangeneh said Iran needs 20 billion dollars in total to exploit the South Pars field. So far, agreements for 12 billion dollars of investment have been concluded, he added. A further three-billion-dollar has been signed for the establishment of petrochemical plants in the South Pars industrial region, the minister said.

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