French company fined $10M for failing to implement gas project in Iran
Baku, Azerbaijan, Sept.18
By Fatih Karimov - Trend: French company, Sofregaz, has been fined $10 million for failing to implement a gas project in Iran.
An international court in France has voted that the French company should pay $10 million to Iran for failing to meet its contractual obligations in establishing a gas storage facility in the country, Iran's IRNA news agency reported on Sept. 17.
Sofregaz had signed a contract to establish Yurtsha gas storage facility in Iran's central city of Varamin.
Iran is currently constructing nine gas storage facilities in different provinces across the country.
The construction operation of Iran's third gas storage facility is underway in central Kashan city, Iran's Fars News Agency reported on June 28.
Once the facility comes on stream, the country's total storage capacity will be increased by 3 billion cubic meters, reaching 11 billion.
Iran's Natural Gas Storage Company's Managing Director Masoud Samivand said on June 21 that the country will pump over 20 million cubic meters of gas per day from its two major gas storage facilities in winter, Iran's SHANA News Agency reported.
Samivand said on June 14 that Iranwill store 2 billion cubic meters of gas in the Sarajeh gas storage facility by the end of the current Iranian calendar year [March 20, 2015].
"Currently some 7 million cubic meters of gas could be extracted from the facility," he said, Iran's Mehr News Agency reported.
"Iran's gas storage capacity currently stands at 8 billion cubic meters,' he said.
Edited by CN