Iran to invest 90 bln USD in gas, oil projects: minister

17:07, March 30, 2011      

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Iranian Oil Minister Masoud Mirkazemi said that Iran is planing to invest 90 billion U.S. dollars in the country's South Pars gas and oil field, Iran's Energy and Oil Information Network reported on Wednesday.

Mirkazemi said that about 60 billion dollars would be invested in the upstream projects and about 30 billion dollars in the downstream projects, the report said.

So far, 10 billion dollars has been invested in the different petrochemical projects in the region and another 20 billion dollars would be invested in other petrochemical projects of the South Pars field, he was quoted as saying.

The South Pars/North Dome field is a natural gas condensate field located in the Persian Gulf. It is one of the world's largest gas fields, shared between Iran and Qatar.

According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters of in-situ gas and some 50 billion barrels of condensates.

Source: Xinhua
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