TEHRAN, Aug. 5 (Mehr News Agency) - The managing director of Iran LNG Co., a subsidiary of National Iranian Oil Company, announced that some $1 billion has been invested in the Iranian LNG project.
The Mehr News Agency quoted Ali Kheyrandish as saying that, "the project is now 24 percent complete."
"It is estimated that in future some $4-4.5 billion should be invested in the project," he explained.
Acoording to Kheyrandish currently 2,000 people are working in the project site in Asaluye in Bushehr province.
He went on to note that besides domestic some foreign experts from Italy, Spain, Romania, Germany, China, England, South Korea, Philippines, and Algeria are also working on the project.
"The two sides should first come to terms on providing valid guarantees and consenting on new delivery points," Seyyed Reza Kasaeizadeh said, the Mehr News Agency reported.
"Up to now 3 other Emirati companies have declared their readiness to buy the produced gas from Salman gas field," he added.
The previous National Iranian Oil Corp's Managing Director Seifollah Jashnsaz had stated that the Iran-Crescent deal will be enforceable only if it serves Iran's national interests.
He had made the remarks in response to the Crescent's recent decision on seeking international arbitration for what it said to be the failure of the Iranian state oil firm to fulfill the gas export contract.
The UAE-based Crescent National Gas Corp. signed a deal with the National Iranian Oil Company in 2001 to import natural gas from Iran's Salman field through a pipeline jointly built by Iran and Crescent.
Based on the signed MoU, Iran was supposed to export 600 million cubic feet of gas daily to the UAE for 25 years starting in 2005.
As oil rallied in following years, some officials and politicians in Iran called for a revision to the price formula. They have blamed the price dispute for the delay.
Crescent says the two sides provisionally agreed on a revised price in September last year, but that it has heard nothing from NIOC on the price since then.
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