Iran to boost South Pars development using Chinese aid

Oil&Gas Materials 27 September 2011 15:56

Azerbaijan , Baku, Sept. 27/ Trend A. Qurbanova/

Iran will accelerate Phase 11 of the South Pars project by working with a Chinese contractor, SHANA reported quoting Managing Director of the Pars Oil and Gas Company Mussa Souri as saying.

" It's expected Chinese contractor CNPC accelerate the development of phase 11 in next two weeks and completes its 4 months delay in the project," he said.

He noted the project in Phase 11 which located in border with Qatar is highly important for Iran.

Iran 's Oil Minister Rostam Ghssemi previously gave ultimatum to China's CNPC company over delays in development of South Pars phase 11.

Iran's Oil Ministry said it will likely to replace China by domestic contractors in case the Chinese fail to complete the deal.

South Pars oil and gas field is one of the largest in the world and is expected to produce up to $130 billion in revenues per year.