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TEHRAN, Dec. 26 (UPI) -- Iran signed a multibillion-dollar deal with Malaysia to develop two offshore Iranian gas fields.
According to Iranian officials, the deal is meant as a sign of defiance against recent Western pressure to avoid investment in Iranian oil, Channel NewsAsia reported Wednesday.
Iran's Pars Oil and Gas Co. and Malaysia's SKS signed the contract for development of Golshan and Ferdos gas fields at a ceremony in Tehran.
"The estimate for the investment for both the upstream and (gas) sweetening sectors of the project is about $6 billion," said Iranian Oil Minister Hossein Nozari" class="tpstyle">Gholam Hossein Nozari.
Nozari said the deal is one of the biggest in the country and the administration will focus more on Asian companies as sources of investment. Also, earlier this month Iran closed a $2 billion deal with China's Sinopec to develop the Yadavaran oil field.
The original memorandum of understanding was signed by Malaysia and Iran in January to develop the upstream, downstream and liquefied natural gas transportation sectors for the two gas fields. Nozari said the full agreement would be worth $16 billion when the final contract is signed on the LNG phase.
"The liquefaction sector, the LNG, whose contract will soon be ready to sign, would be worth about $10 billion," he said.
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