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Iran's oil projects with UK, South Korea well underway

TEHRAN, Aug. 1 (Mehr News Agency) - Iran's oil contracts secured with UK and South Korea are well underway. Following the approval of a UN Security Council resolution on Monday, demanding Iran suspend uranium enrichment latest by August 31, the MNA reviewed a number of Iran's oil agreements signed with UK and South Korea.

Based on the report, the contracts currently being developed by UK are already 50 percent complete. They are valued at one billion dollars.

Also, negotiations with the British contractors are underway to develop the Bidboland $1.7b project, as well as the South Pars LNG (liquefied natural gas) projects valued at about $5.5 billion.

Meanwhile, the oil projects signed between Iran and South Korea, valued at around one billion dollars, are about 70 percent complete.

Also another oil sale contract has been signed between Iran and South Korea that is worth 1,891 billion dollars. Iran has also agreed with the East Asian nation on the purchase of oil tankers from the country.

... Payvand News - 8/2/06 ... --

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