(MENAFN- Trend News Agency) Iran signed a $900 million contract on Saturday with Iranian
Offshore Engineering and Construction Co (IOEC) to develop the
first phase of its Kish offshore gas field in the Gulf, state
television reported, trend reports citing al
arabiya .
Under the contract, IOEC is to launch production of 28 million
cubic meters per day of gas in 14 months, which is to be sent to
installations in Assalouyeh on Iran's Gulf coast via a 210 km (130
mile) undersea pipeline, Mohsen Khojastehmehr, head of the
state-run National Iranian Oil Co, told the TV.
The gas field, located near Iran's Gulf island of Kish, holds
1.5 trillion cubic meters of gas in place and is to be developed in
four phases, Khojastehmehr said.
Iran sits on the world's second-largest gas reserves after
Russia, but US sanctions have scared off potential foreign
investors, hindered access to technology and slowed development of
gas exports.
MENAFN04022023000187011040ID1105524955
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.