$3b to be injected in South Pars
Deputy Oil Minister Ahmad Qalehbani said that a further $3 billion credit line will soon be set up for the projects in South Pars.
Shana news agency quoted the official as saying that by adding this credit, the total budget allocated to SP operations will amount to $9 billion in the current Iranian calendar year (ending March 20).
Contractors have provided many of the supplies and equipment needed for SP projects and as a result the construction of the remaining projects is going on at double the speed, he said.
Qalehbani stated that the implementation of SP phases were the most important projects of the National Iranian Oil Company.
He noted that NIOC was satisfied with the work being done in SP by domestic contractors whom he praised for doing a very good job.
Pars Oil and Gas Company's Managing Director Ali Vakili said in August that phases 15 and 16 are 52 percent complete, while phases 17 and 18 are 50 percent complete.
Once the phases come on stream 100 million cubic meters of gas would be added to the nation's sweetened gas production capacity.
SP gas field's current production capacity stands at 75 million cubic meters of gas per year.
Iran has the second largest gas reserves in the world after Russia.
The offshore South Pars field contains about half of the estimated 28 trillion cubic meters of the country's gas reserves.
Qatar holds the southern section of the field, which is referred to as the North Dome. South Pars along with the North Dome combined are the world's largest known gas reservoir.
Qatar has developed its side of the field to become the world's largest exporter of liquefied natural gas (LNG).