Azerbaijan, Baku, Mar. 18/ Trend F.Milad/
Iranian companies on Saturday inked a deal worth $1.7 billion for the first phase of developing the southern Kish gas field, Shana news agency reported.
Other deals for the second and the third phases of the plan will be signed in the near future, the report added.
The first phase of the contract will be implemented within 42 months and includes building a refinery, a power station and other installations.
Kish is a giant gas field close to the Kish Island in the Persian Gulf. It was discovered in 2006 and holds 59 trillion cubic feet of gas in place, of which 45 tcf is recoverable. The field also holds 946 million barrels of condensate, of which 331 million barrels are recoverable.
Development Project of the Kish gas field aims at daily producing 85 million cubic meters of gas and 30,000 barrels of gas condensates. The gas field holds about 66 trillion cubic feet of gas.