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5/18/03

Accord on three phases of South Pars onshore refinery signed

An agreement was inked on Saturday afternoon on construction of an onshore refinery related to development phases 6,7, and 8 of the South Pars gas field in presence of Oil Minister Bijan Namdar Zanganeh and a number of domestic and foreign officials and experts, IRNA reported from Tehran.

The agreement is part of the development project of South Pars gas field signed by South Pars Company and a foreign consortium consisting of Toyo Engineering Corporation from Japan.

The contract is worth dlrs 1.207 billion. The whole project will become operational within 43 months while the first phase of the project will be completed in 34 months.

The total daily gas production of phases 6,7, and 8 of the South Pars project will be 3TCF.

The consortium, with which the accord has been signed comprises Japan Gasoline Company (JGC) and Toyo Engineering Corporation from Japan, Dailem from South Korea, and the Industrial Development and Renovation Organization (IDRO) from Iran.

The shares of Toyo and IDRO in the refinery project will be 28 percent, while those of JGC and Dailem will be 22 percent each.

The consortium is committed to carry out at least 51 percent of the activities of the project in Iran by making use of the facilities provided by domestic enterprises.

Some 2.8 billion cubic feet of methane gas, 120,000 barrels of gas condensate and 3,700 tons of liquefied gas make up the daily production of the refinery.

The gas condensate and the liquefied gas will be exported via special jetties at Assalouyeh port. The exported gas are expected to fetch some dlrs one billion a year.

The phases 6,7, and 8 of the South Pars project includes both marine installations and onshore pipelines.

... Payvand News - 5/18/03 ... --



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