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Turkey to invest up to $4bn on South Pars gasfield

Phases 6 & 7 of huge Iranian field to be developed with Turkish cash

By Kevin Baxter  
Turkey to invest up to $4bn on South Pars gasfield
Turkey to invest up to $4bn on South Pars gasfield
By Kevin Baxter  

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A senior official from the Iranian Oil Ministry has said that Turkey is planning to spend up to US$4 billion developing two separate phases of the enormous South Pars gas field in the Gulf state.

“The investment [by Turkey] will be made in phases 6 and 7 of South Pars gas field,” Ibrahim Radafzoun deputy Oil Minister said in comments published by the Fars news agency.

The news comes as Turkey’s Prime Minister visits Iran to discuss various investment opportunities in the country.

Iran is attempting to step up its efforts to increase gas exports from the country. It recently invited Total back for discussions about investing in phase 11 of South Pars and also awarded GS Engineering a $1.37 billion contract to sweeten gas from the field.

Estimated reserves at South Pars total around 14 trillion cubic metres, about 8% of the total global reserve.
 

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