The oil ministry of Iran has set aside $5 billion of the National Development Fund (NDF) for the South Pars gas field development project.
Oil Minister Rostam Qasemi has said that the money would be used to fasten the development of Phases 20 and 24 of the project.
The South Pars gas field is shared by both Iran and Qatar. Iran’s share is divided into 29 phases and has about 8% of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.
A while ago, the NDF and the oil ministry had signed a pact, according to which the NDF would assign assets worth $14 billion to oil industry for projects. Of $14 billion, $5 billion have been allotted for South Pars.
According to the deal, more than 70% of the amount would be spent on developing oil and gas fields, and the remaining would be put in improving infrastructure.
President of Iran Mahmoud Ahmadinejad said that the NDF’s assets would touch $55 billion by the end of 2012. To this Iran’s finance and economic affairs minister Shamseddin Hosseini said that at least 20% funds would be kept aside to promote foreign investment.
Oil Minister Rostam Qasemi has said that the money would be used to fasten the development of Phases 20 and 24 of the project.
The South Pars gas field is shared by both Iran and Qatar. Iran’s share is divided into 29 phases and has about 8% of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.
A while ago, the NDF and the oil ministry had signed a pact, according to which the NDF would assign assets worth $14 billion to oil industry for projects. Of $14 billion, $5 billion have been allotted for South Pars.
According to the deal, more than 70% of the amount would be spent on developing oil and gas fields, and the remaining would be put in improving infrastructure.
President of Iran Mahmoud Ahmadinejad said that the NDF’s assets would touch $55 billion by the end of 2012. To this Iran’s finance and economic affairs minister Shamseddin Hosseini said that at least 20% funds would be kept aside to promote foreign investment.