A South Korean company has reportedly signed a $750 million agreement with Iran to develop two phases of the giant South Pars gas field, Press TV reported.
The firm struck the deal with Iranian Oil Company (NIOC) six month after South Korea's GS Engineering and Construction Company (GS E&C) withdrew from the project due to "mounting pressures of some western powers," Mehr news agency reported.
The South Korean company, which name has not been disclosed, will develop the phases 17 and 18 of the gas filed.
GS E&C was expected to undertake a project for sweetening gas in Phases 6 to 8 of the South Pars gas field with an investment amounting to 1.2 billion euros, according to the report.
But, Iran called off the deal after the South Korean firm did not fulfill its obligations 10 months after signing the contract.
The Iranian Oil Ministry has defined over 20 phases of development for the South Pars gas field.
Iran is utilizing the South Pars gas field jointly with Qatar. The Iranian share of the field is about 14 trillion cubic meters of gas -- or about eight percent of the total world reserves -- and more than 18 billion barrels of liquefied natural gas resources.
The country has the world's second largest natural gas reserves after Russia.
Iran also invested more than six billion dollars in the gas field in the first seven months of the current Iranian calendar year (started March 21) to pump further natural gas.
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