Gulf Oil and Gas accountACCOUNT

$1.8 bn Needed to Develop South Pars Phase 12

Source: www.gulfoilandgas.com 4/12/2010, Location: Asia

Petropars Company managing director Gholamreza Manouchehri says the company needs $1.8 billion of capital to develop South Pars gas field phase 12 remarking that Iranian petroleum minister has vowed to support the company to provide the money.

Responding to Shana reporter questions, Mr. Manuchehri stated here on Monday that one of the Angolan companies would provide part of the funds as foreign investor noting that based on petroleum minister promises, South Pars gas field phase 12 would have desirable progress during the current Iranian year (started on 21 March).

Mr. Manouchehri stipulated that up to now, $1.6 billion has been provided through domestic and foreign sources to develop the phase.

Reminding that phase 12 has achieved 30 percent progress, the managing director predicted by $1.8 billion investment, the project progress in the current year would rise to 60 percent.

Concerning talks with different companies to invest in the project, he said Indian ONJC has declared its readiness to invest in the project by 40 percent and some talks have been held in this regard.

According to Mr. Manouchehri, concurrent negotiations is underway with Venezuela to take 10 percent stake in the project and the country has carried out some studies in order to attend the project.

Based on some estimates, financial needs to develop South Pars gas field phase 12 is estimated $7.5 billion. The aim with development of the 12 phase is to produce 78 million cubic meters of natural gas, 120 thousand barrels of condensates and 750 tons of sulfur per day.

Financials and Investment News in Iran >>

Nigeria >>  2/18/2019 - Sirius Petroleum has completed its due diligence in relation to OML 109 and is now finalising the financing with a dedicated fund, and awaiting final ...
United Kingdom >>  2/15/2019 - Angus Energy has announced that the Company has placed, subject to admission to trading on AIM, 55,000,000 new Ordinary Shares in the Company with exi...

Egypt >>  2/14/2019 - Dana Gas PJSC ("Company"), the Middle East's largest regional private sector natural gas company, today announced its Preliminary Unaudited Financial ...
Saudi Arabia >>  2/14/2019 - Saudi Aramco has selected banks to arrange its first international debt sale which will help it finance the acquisition of a stake in Saudi Arabian Ba...

Australia >>  2/12/2019 - Carnarvon Petroleum Limited is conducting a placement to institutional and sophisticated investors to raise approximately $50 million. The Placement c...
Norway >>  2/7/2019 - DNO ASA, the Norwegian oil and gas operator, announced 2018 net profit of USD 354 million on revenues of USD 829 million, the highest annual revenues ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

Oil & Gas Projects in Iran >>

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.