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Iran ‘will need $20bn funding for South Pars’

TEHRAN, January 14, 2016

Iran will need $20 billion to launch the remaining phases of the South Pars Gas Filed in Bushehr province, said a senior government official.

“Following the removal of Western sanctions, we will be able to fund the projects using new methods,” Petroleum Minister Bijan Zangeneh was quoted as saying in The Iran Project report.

To complete development of South Pars phases within the next two years, the Petroleum Ministry will have to channel funds worth up to $600 million into the projects per month, he added.

“In the post-sanctions era, we will be able to fund our projects using the new model of oil contracts, international and domestic monetary resources and the stock exchange,” he said.

A total $6 billion was invested in the project, Zangeneh said, highlighting that once operational, the phases will produce 50 million cu m of gas and 80,000 barrels of gas condensates per day.

Tags: Iran | petroleum | South Pars Gas Field |

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