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Iran to draw on national fund for South Pars

Iran to tap into national fund to finance South Pars gas developments.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   April 14, 2014 at 9:05 AM
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TEHRAN, April 14 (UPI) -- As much as $1 billion worth of national development funds will be spent on upstream programs in Iran, including at South Pars, a senior energy official said.

Moshtaq-Ali Gohari, a director from the National Iranian Oil Co., said the government earmarked the funds for the calendar year that began in March. Parts of the South Pars gas complex and liquefaction factors in southern Iran would receive a majority of the funds, he said Sunday.

Iranian Oil Minister Bijan Zanganeh said last year getting additional phases of the South Pars gas field online was part of his strategy to overhaul an energy sector crippled by Western economic sanctions.

The government said at least 1,800 miles worth of new pipelines will be needed to keep up with the 7.2 billion cubic feet of gas expected from the first five phases of South Pars.

Gas reserves at South Pars represent about a quarter of Iran's total proved natural gas reserves.


[SHANA]

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