Tehran, October 12, 09 (Hamsayeh.Net) - Iranian and South Korean energy development companies signed a multi-billion euros gas deal in Tehran, this morning. The gas contract is worth 1.24 billion euros approximately 1.83 billion US dollars in today exchange rates.
Based on the contract, the South Korean firm known, as GS would implement projects in relation to sweetening of gas from phases 6, 7 and 8 of the giant South Pars field - the largest gas field in the world located in the Persian Gulf. The company GS is the holding firm of GS Galtex, South Korea's No. 2 crude refiner according to a report by IRIB.
The amount of sour gas to be sweetened and injected into Iran's gas network would top 3.9 billion cubic feet for a period of 42 month from the start of the project.
Currently the above-mentioned phases of the South Pars field produce over 158,000 barrels of condensates, 4,700 tons of liquid propane and butane and 104 billion cubic meters of gas daily.
The field's reserves are estimated to be equivalent of 215 billion barrels of oil and containing nearly 16 billion barrels of recoverable condensates.
October 11, 09