Iran negotiating with foreign firms for funds to develop major gas field
NICOSIA Ñ Iran has sought more than $6 billion to develop its South
Pars natural gas field.
Iran's Oil Ministry has determined a need for 4.5 billion euro to
develop two phases of South Pars in the Gulf.
The ministry said a team was
negotiating with unidentified foreign investors for financing phases 21 and
22 of South Pars.
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"At the moment, they are negotiating with foreign firms," Rokneddin
Javadi, managing director of the ministry-owned Oil Industries Engineering
and Construction Co., said.
"The negotiations
with these foreign firms are promising."
The ministry has sought to woo Western, particularly European, firms to
develop South Pars. But most of these firms, threatened by U.S. sanctions,
have refused to commit to such an Iranian project. On Dec. 5, Iran denied a
report that it banned France's Total from participating in South Pars.
