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Iran, Malaysia sign gas contract

Source: Press TV

Iran and Malaysia have struck a 1.2-billion-euro deal to build natural gas liquids (NGL) facilities on Iran's southern Kharg Island.

Kharg Island is Iran's main oil terminal in the PG.

A consortium of Malaysian companies signed the agreement under finance mode with the National Iranian Offshore Oil Company, the owner of the project, in the Malaysian capital, Kuala Lumpur.

The project would gather 600 million cubic feet of the associated gas from Abouzar, Bahregansar, Doroud, Forouzan, Kharg and Soroush fields per day.

As the US is exerting pressures on European firms to cut back business with Iran, Asian companies are keen on investing in the resource-rich Middle Eastern country, sitting on the world's largest gas reserves after Russia.

The two Muslim nations signed a 16-billion-dollar deal in late December to develop Iranian gas fields and build liquefied natural gas plants there.

Lisbon to invest in Iran oil sector

Portuguese Foreign Minister Luis Amado says Galp Energia, a Portuguese firm, is discussing investment in oil exploration with Iran.

Amado Luis said there have been several months of discussions between Galp Energia and the National Iranian Oil Company on joint exploration projects, Fars News Agency reported.

After his meeting with Manouchehr Mottaki, Iran's foreign minister, Amado said Portugal is very interested in investment in Iranian oil and natural gas projects.

"Tehran is opening its doors to investment from Galp in the Iranian petrol and gas sector, with the possible quid pro quo of having Sines [town in south-western Portugal] become a portal for the European importation of Iranian energy...," Mottaki said as posted on Courrier International website.

Mottaki visited Lisbon Wednesday, January 23.

Iran sells oil in Asian money

A National Iranian Oil Company official says Iran is selling some of its oil exports to South East Asia in Asian Currency Units (ACU).

"Currently, most of the country's oil is being sold in euros and yens; 65 percent is sold in euros and 15 percent in yens," NIOC Marketing Director Mohammad-Ali Khatibi told Mowj news agency.

"Some of our oil to South East Asia is being sold in Asian money called ACU," he added.

Following the depreciation of the dollar, Iran decided to diversify the currencies it receives in exchange for the oil it sells.

Leaders of the Organization of the Petroleum Exporting Countries (OPEC) have also reviewed substitute currencies in their recent summit in Riyadh.

... Payvand News - 01/26/08 ... --

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