Friday, 10 December 2010

Iran and South Korea pen South Pars development deal

Iran and an unnamed South Korean energy company have signed a $750 million agreement to develop two phases of the South Pars gas field. The South Korean company signed the deal with the National Iranian Oil Company (NIOC) six months after South Korea's GS Engineering and Construction Company (GS E&C) pulled-out from the project.

Under the deal, the South Korean company will develop phases 17 and 18 of the South Pars field in the southern Iranian city of Asalouyeh. The project is 50 per cent in progress and work is expected to commence in March 2011.

The development of phases 17 and 18 are expected to produce 50million cubic metres of natural gas, 80,000 barrels of natural gas condensates and 400 tonnes of sulphur on a daily basis. Additionally, they are also expected to produce up to a 1million tonnes of ethane and 1.05 million of liquefied petroleum gas.

Source: International News Network, Press TV

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