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Iran’s offshore oil firm signs deal for Kharg NGL project

Business Materials 9 October 2017 14:32 (UTC +04:00)

Baku, Azerbaijan, Oct. 9

By Fatih Karimov– Trend:

Iranian Offshore Oil Company (IOOC) has signed a deal worth 800 million euro with a domestic firm for completing the Kharg NGL project in the country's southern Kharg Island.

The deal was signed by Hamid Bovard, the IOOC managing director and Jalil Khebre, head of SAFF Offshore Industries Company, the Iranian oil ministry said in a message.

The contract envisages completion of Kharg NGL project, sweetening and separation of associated gas in Kharg and Bahregan region oilfields.

Kharg NGLproject plans to gather associated gases in oil fields located in Persian Gulf and Kharg Island and transfer them by pipeline to Kharg NGL unit for processing after sweetening.

Under the deal, the Iranian company will finance and complete the Kharg NGL project within 3 years and in return will sell products heavier than ethane till 2050.

Once the project is completed SAFF Offshore Industries Company will purchase gas from National Iranian Oil Company and in return offer processed gas.

The company also will pay monthly rent for Kharg NGL facilities.

The NGL unit will have the capacity to process 300 million cubic feet of gas per day.

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