Iran: South Pars Gas Field Investment Reaching $11 Billion This Year

Nine billion dollars have been invested at South Pars gas field since the beginning of the current Iranian calendar year (started March 21 2010), Managing director of the Pars Oil and Gas Company (POGC), Mr. Souri announced here.

According to the report of the public relations of the NIGC, he said that total investment for this year would increase to $11 billion. Speaking during a visit by the Universities Faction of Parliament to the South Pars gas field projects on Monday, Mr. Souri noted that absorption of financial resources has been unprecedented when compared with recent years.

Referring to development of shared oil and gas fields specially South Pars gas field as the top priority of Iran’s ministry of petroleum, he expressed hope that members of the parliament pay special attention to development of the remaining phases of South Pars gas field through allocating financial resources to the region.

Emphasizing on the approach of using domestically made goods and equipments, he noted that currently 68 percent of the needed goods of the South Pars gas field projects are being supplied by domestic manufacturers.

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Source: NIGC, February 23, 2011;