The investments in the development of South Iolotan in Turkmenistan are estimated at $8 billion, ISNA quoted Petropars Oil and Gas Company executive director Golam Reza Manouchehri as saying. He said talks are underway on the joint development of the largest field in Turkmenistan.
Petropars Oil and Gas will launch an office in Ashgabat to implement joint projects with Turkmenistan, he said.
Manouchehri said Iran has requested Ashgabat to provide some details to estimate capital and operational investments.
"Petropars wanted to develop the field via own funds. But Ashgabat proposed Tehran to sign ECP (engineering, procurement, construction)," Manouchehri said.
He said the preliminary draft contract is ready. Iran waits for Turkmenistan's providing additional information.
Iran signed initial agreement on development of gas fields in Iolotan-Osman field in eastern Turkmenistan in Feb. 2009.
Iran also signed a contract to increase annual purchase of Turkmen gas up to 10 billion cubic meters which makes up one fifth of the volume that Russia buys from Turkmenistan.