Azerbaijan , Baku, Oct. 7 / Trend D. Khatinoglu/
The Iranian president ordered to allocate $ 4.7 billion to South Pars and urged to ensure Iran's oil revenues for next 120 years by developing the South Pars, Mehr News reported quoting Pars Oil and Gas Company Managing Director Mousa Gorbani.
More than $7.6 billion of credit and financial resources has been absorbed in this joint gas field with Qatar by September, including $1 billion from the Oil Ministry's funds and $1.8 billion from pay-to-back contracts.
Earlier, Iranian Oil Minster Rostam Ghasemi has offered opening a line of credit for the National Iranian Oil Company (NIOC) to develop projects by assigning $5 billion of Iran's inventories abroad.
Thus, $4.3 billion of this sum will be assigned to development of South Pars project and the rest to other oil projects.
Iran, which has been affected by economic sanctions, says there is a need to attract foreign investments to develop oil and gas project, especially the South Pars oil and gas field which is shared with Qatar and holds about a half of Iran's gas reserves.
Iran has operated Phases 1 to 10, while Phases 15 and 16 will be operational until the end of this autumn.
Iran is developing 13 phases of South Pars (Phases 10 to 23) contemporarily. Iran invested $7.6 billion in South Pars and it is planned to invest further $16.5 billion in this project by the end of this solar year (March 21, 2012).
So far, over $48 billion has been invested in the Pars Oil and Gas Company projects
The world's largest oil and gas field South Pars is developed jointly by Iran and Qatar. Iran is expected to produce up to $130 billion in revenues annually.
The Iranian share, which was divided into 29 phases, has about 14 trillion cubic meters of gas (about 8 percent of total world reserves) and more than 18 billion barrels of liquefied natural gas resources.