400 Iranian firms to be part of South Pars gas field project

Pars oil two

Around 400 Iranian companies will be taking part in the development of the South Pars gas field by delivering equipment to related projects.

South Pars Gas Company's managing director, Ali-Akbar Shabanpour, said the company will give priority to domestic suppliers to provide necessary equipment for the South Pars gas field, in which both Iran and Qatar are partners.

Iran's share, divided into 29 phases, includes around 14 trillion cubic meters of gas, which is equal to about 8% of the total world reserves, and over 18 billion barrels of liquefied natural gas resources.

Iranian Oil Minister, Rostam Qasemi, on 30 November said that the country has surmounted the tough economic sanctions and is in progress to develop its oil industry.

The country has initiated many development projects and plans to invest about $150bn in the oil sector, while the natural gas production is expected to reach 1.4 billion cubic meters from 600 million cubic meters by March 2015.

The US and the European Union (EU) imposed new sanctions on Iran's oil and financial sectors in the beginning of 2012.

On 28 June 2012, US imposed several sanctions, while EU imposed a ban on Iranian oil imports on 1 July of the same year.

Qasemi said that about $30bn will be invested in the domestic oil industry in 2012, of which a significant portion has been allocated for the South Pars gas field projects.

Iran has the second largest natural gas reserves in the world after Russia.

Image: Iran has initiated many development projects and plans to invest about $150bn in the oil sector. Credit: Courtesy of Pars oil and gas.