Iran invests $38 billion in gas industry
Azerbaijan , Baku, June15 /Trend/
Iran will invest $38 billion in gas industry by the end of the Fifth Socio-Economic Development Plan (2010-2015) and plans to double gas production capacity, Naft news reported quoting Managing Director of National Iranian Oil Company Javad Ouji as saying.
Iran will open 140 million euro LC credit by Bank Saderat to construct Bid Boland II Gas Refinery.
"Bank Saderat assigned $5.20 billion last solar year (ends March20, 2011) to develop the project and plans to open 190 million euro credit as well," he said.
Iran gas consumption reduced by 10 percent after the implementation of cutting subsides 'we hope to see more reduction in energy consumption and increase of gas to country's refineries and plants, he said.
The National Iranian Oil Company aims to increase volume of gas injection to oil fields and reduce low production capacity while reserving gas in the oil fields.
The new refinery, which is to be located near Behbahan in the province of Khuzestan has been designed to process up to 2bn cubic feet per day of natural gas. Its output will provide 1.48million tons per year.