Azerbaijan, Baku, Oct. 8/ Trend , A. Gurbanova/
Iranian Offshore Oil Company intends to construct a petrochemical complex instead of a LNG factory in Lavan Island, Mehr News Agency reported quoting Managing Director of Iranian Offshore Oil Company Mahmoud Zirakchian as saying.
Iran earlier announced construction of the LNG factory in Lavan. The Lavan gas field's reserves are estimated at 5.6 trillion cubit feet. Under the project on development of the Lavan gas field, it is predicted to drill 12 wells and produce 800 million cubic foot natural gas per day.
"Construction of the LNG factory in Lavan Island is canceled and a petrochemical complex will be built instead," he said.
Zirakchian noted that an average of 3 billion cubic foot natural gas per day would be produced from the field. The produced gas will feed the petrochemical complex in Lavan Island.
Iran negotiates with a Polish company to develop two phases of the project on development of the Lavan gas field. If the agreement is finalized, a $3 billion will be invested in the project.