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DOHA, Qatar, Nov. 12 (UPI) -- Major energy corporations in Iran, Russia and Qatar agreed at a meeting in Doha to establish a joint venture to develop the Iranian South Pars gas field.
Top officials with the National Iranian Oil Co., Qatar Liquefied Gas Co. Ltd. and Russian gas monopoly Gazprom agreed to a 30-30-30 division of shares in a project to produce gas at South Pars and liquefy it at Ras Laffan in Qatar, the Russian daily Kommersant reported Wednesday. The remaining 10 percent of the shares will go to an undisclosed gas trader.
In October, officials from the three countries met to discuss forming a natural gas troika modeled after the Organization of Petroleum Exporting Countries. Iran, Qatar and Russia hold about 60 percent of the world's natural gas reserves.
Project plans include the construction of infrastructure at South Pars and a submarine gas pipeline through the Persian Gulf to Qatar, as well as a liquefied natural gas plant in Ras Laffan.
The South Pars gas field in the Persian Gulf is the largest in the world with nearly 500 trillion cubic feet in reserves.
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