Public Relations Department at Oil Ministry said the agreement names National Iranian Oil Company (NIOC), French TotalFinaElf (60 percent stake) and Malaysian Petronas (40 percent stake) as partners in the project for LNG production and export as well as for the development of Phase 11 of South Pars gas field in the southern province of Bushehr.
The NIOC, TotalFinaElf and Petronas would undertake 50, 30 and 20 percent share in the investment in the Pars LNG project, which would result in an annual yield of 10 million LNG in two lines, each running with five million tons of annual production capacity.
The agreement would authorize related engineering studies on both lines of the LNG and on Phase 11 of South Pars.
The studies are scheduled to be made in the 2004-05 and 2005-06 fiscal years, pushing the project into the stage when final decision would be made for investment by end of the set date.
The NIOC, TotalFinaElf and Petronas experts would jointly be involved in the project.
... Payvand News - 12/8/04 ... --