Press "Enter" to skip to content

Rouhani inaugurates four new phases of South Pars gas field

© Reuters. Iranian President Rouhani gestures to the crowd at a public speech in Bandar Kangan
© Reuters. Iranian President Rouhani gestures to the crowd at a public speech in Bandar Kangan

GENEVA (Reuters) – Iranian President Hassan Rouhani formally inaugurated four new phases of South Pars, the world’s largest gas field, on Sunday, according to a statement posted by the Iranian oil ministry on Twitter.

Iran has invested $11 billion to complete the four phases and they will increase the country’s gas production capacity by up to 110 million cubic meters per day, the statement said.

Iranian Oil Minister Bijan Zanganeh said on Saturday that Iran, which share South Pars with Qatar, expects to operate 27 phases by next March.

France’s Total and China National Petroleum Corp (CNPC) suspended investment in phase 11 of South Pars last year after the United States threatened to impose sanctions on companies that do business in Iran.

Zanganeh said on Saturday that talks are continuing with CNPC.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com