Oil and Gas News
Iran confirms 16 billion dollar gas deal with China
Dec 23, 2006, 12:41 GMT
Tehran - The Iranian oil ministry on Saturday confirmed signing a memorandum of understanding on a 16 billion US dollars gas deal with China, Khabar news network reported.
According to the deal, the North Pars gas field, located 85 kilometres north of the giant South Pars gas field in the Persian Gulf, is to be developed by China within eight years and four phases.
The gas from the field is to be converted to liquefied natural gas and shared equally between Iran and China.
The South Pars gas field has an estimated 80 trillion cubic feet of natural gas.
© 2006 dpa - Deutsche Presse-Agentur
