$1 billion invested in Iran LNG project

MD of Iran LNG, Ali Kheyrandish, says project is 24% complete

The South Pars gas field contains 8% of the world's gas reserves and 50% of Iran's gas. (AFP/GETTY IMAGES)
The South Pars gas field contains 8% of the world's gas reserves and 50% of Iran's gas. (AFP/GETTY IMAGES)

The managing director of Iran LNG Co - a subsidiary of National Iranian Oil Company, announced yesterday that some US$1 billion has already been invested in the Iranian LNG project.

Iran's Mehr News Agency quoted Ali Kheyrandish as saying that, “The project is now 24% complete. It is estimated that in future some $4-4.5 billion should be invested in the project,” he revealed.

Acoording to Kheyrandish, currently 2,000 people are working in the project site in Asaluye in Bushehr province.

He went on to note that in addition to Iranian employees, foreign experts from Italy, Spain, Germany, China, England, South Korea, and Algeria were among the team working on the project.

Iran’s estimated proven natural gas reserves stand at 948 trillion cubic feet (Tcf), second only to Russia, according to the US Energy Information Administration (EIA). Roughly two-thirds of Iranian natural gas reserves are located in non-associated fields, and economic sanctions have severely hampered development. Recently China's CNPC has stepped in to fill the void left by European energy companies.

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