Japanese firms, Shell to invest $8 billion in Iran oil project
A Japanese consortium and Royal Dutch/Shell are planning to invest one trillion yen ($8 billion) in developing Iran's biggest oil field, a report said Sunday, June 25.
The Japanese firms will put up two thirds of the investment to develop the Azadegan oil field in southern Iran, with the balance to be filled by the Anglo-Dutch oil giant, the Yomiuri Shimbun daily said.
The Japanese government will present its development plans to Iran on Monday, it said. Other members of the consortium include Japanese oil development company Indonesian Petroleum Ltd., trading house Tomen Corp. and Japan National Oil Corp., the report said.
The Azadegan oil field is estimated to hold up to 40 billion barrels of oil, one of the biggest in Middle East.
Oil production is expected to begin in 2005, with a maximum daily output of 800,000 barrels, the paper said. Much of the oil is expected to be shipped to Japan. — (AFP)
© Agence France Presse
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