Iran to invest $50 bln in South Pars on development

Oil&Gas Materials 27 September 2011 17:18

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

Iran seeks to attract a $50 billion investment to develop South Pars joint field, SHANA reported quoting Oil Minister Rostam Ghasemi as saying.

"We will attract $50 billion to complete the remaining phases of South Pars," he added.

Financial sources for the active projects in South Parshave determined and the ministry will announce its plan for investment on other oil and gas fields soon, Ghasemi underscored.

He noted South Pars Phase 15 and 16 will be launched by the end of current solar year (started on March 20, 2011).

The 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.