GS Engineering awarded $1.37bn South Pars contract
Korean outfit wins contract to sweeten gas at world's largest field
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A senior official from GS Engineering & Construction (GS E&C) has confirmed that the company has been awarded a US$1.37 billion Iranian gas contract.
Reuters reported that Moo-ik Chang, vice president of the South Korean contractor said that a deal to sweeten gas from the South Pars gas field had been agreed with Pars Oil and Gas Co, a subsidiary of the state-owned National Iranian Oil Company (NIOC).
"GS E&C secured a stable base in Iran, the world's second-largest natural gas reserves, by winning the gas desulfurisation project after it had successfully completed the 9-10 phases of South Pars project," Chang is quoted by Reuters as saying.
GS E&C will carry out the work as part of a consortium that includes Iranian International General Contractor Co. The company also agreed to complete phases 6, 7 and 8 of South Pars by May 2013.
South Pars is the world’s largest gas field and is shared between Iran and Qatar. Due to the immense size of the filed the Iranian section has been divided into 24 different phases.
Iran has stepped up the developemnt of its vast gas reserves in recent weeks. Yesterday ArabianOilandGas.com reported that Total had resumed talks with NIOC regarding phase 11 of South Pars.