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China's Sinopec may join Persian LNG project: NIGEC head

TEHRAN, Apr. 27 (Mehr News Agency) - China's Sinopec may take 20 percent stake in Iran's Persian LNG project, the National Iranian Gas Export Company's managing director said here on Monday.

The Mehr News Agency quoted Seyyed Reza Kasaeizadeh as saying that NIGEC is holding negotiations with Shell and Repsol as foreign partners in this regard and that the final decision will be made by May 15, 2009.

"NIGEC, Repsol, and Shell currently have 50 percent, 25 percent, and 25 percent shares in the project," he said, adding, if the proposed plan is agreed on, the shares will be changed to 20 percent, 30 percent, and 30 percent respectively."

The Persian LNG project consists of the development of phases 13 and 14 of the South Pars Gas field and construction of two LNG trains each with a capacity of 8.1 million tons per year.

It also includes the construction of an LNG plant in Tombak port (950 km northwest of Assaluyeh). The project is expected to cost $10 billion and the LNG plant is expected to be commissioned by 2012.

On April 9, the National Iranian Oil Company warned Royal Dutch Shell and Repsol to submit their plans of action for the South Pars gas field and the Persian LNG projects in the next one and a half months, otherwise they would be replaced by other qualified companies.

The South Pars gas field is the world's largest gas field.

It covers an area of 9,700 square kilometers in the Persian Gulf, with 3,700 square kilometers in Iranian territorial waters and 6,000 square kilometers in Qatari territorial waters.

... Payvand News - 04/28/09 ... --

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