Iran Economy NewsIran says South Pars field to attract $11 billion...

Iran says South Pars field to attract $11 billion by March 20

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Bloomberg: Iran plans to attract a total $11 billion of investment in its South Pars natural gas field by March 20, the end of the Iranian calendar year, Pars Oil and Gas Co. managing director Mousa Souri said, without specifying where the investment would come from.

Bloomberg

By Ladane Nasseri

Iran plans to attract a total $11 billion of investment in its South Pars natural gas field by March 20, the end of the Iranian calendar year, Pars Oil and Gas Co. managing director Mousa Souri said, without specifying where the investment would come from.

The field has already drawn an investment of $9 billion, Souri said in a report published on the Oil Ministry’s news website, Shana, late yesterday.

Iran needs $40 billion to develop all 28 phases of the South Pars gas field over a period of 10 years, the Oil Ministry said in November 2009.

Iran’s plan to develop South Pars, the world’s largest single gas deposit which the Persian Gulf country shares with Qatar, have been delayed by international economic sanctions over its nuclear program.

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