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Tuesday, November 25, 2008

Turkey to invest $12 billion in Iran gas field

NICOSIA — Turkey said it would invest $12 billion in Iran's natural gas sector.

Turkish Energy Minister Hilmi Guler said Ankara would invest $12 billion Iran's South Pars offshore gas field. Guler, in a visit to Teheran, said the money would also fund the construction of a pipeline from South Pars to Turkey, Middle East Newsline reported.

"Turkey will invest $12 billion on developing phases of South Pars offshore gas field in southern Iran and construction of gas pipeline from Assalouyeh to Turkish border," Guler said on Nov. 19.

Also In This Edition

Ankara and Teheran have signed a memorandum of understanding in which Turkey would develop phases 22, 23 and 24 of South Pars.

Under the MoU, Ankara would purchase 50 percent of the gas and transfer much of it to Western Europe.

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