TEHRAN, Oct. 12 (Mehr News Agency) -- Iran's Pars Oil and Gas Company signed a deal worth 1.24 billion euros ($1.83 billion) with a South Korean company in Tehran earlier today.

IRIB said the contract is for sweetening of gas from phases 6, 7, and 8 of the South Pars field and referred to the South Korean company as GS. GS Holdings is the holding firm of GS Caltex, South Korea's No. 2 crude refiner.

The deal was signed by National Iranian Oil Company Managing Director Seyfollah Jashnsaz and the managing director of the South Korean firm.

As per the contract, 3.9 billion cubic feet of sour gas extracted from the South Pars phases will be sweetened and injected into Iran's national gas supply network.

The contract duration is 42 months, the report added.

Phases 6, 7, and 8 of the South Pars gas field came on stream on October 21, 2008. They are producing 158,000 barrels of gas condensates, 4,700 tons of liquefied propane and butane, and 104 million cubic meters of gas daily.

The South Pars/North Dome field is a gas condensate field located in the Persian Gulf. It is the world's largest gas field and is shared by Iran and Qatar. The field's recoverable gas reserve is estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.

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