(MEBG) – Iran is due to sign two new gas accords with the Italian firm ENI, with a total value of $4.3 billion, reported Gulf Times on July 23. The accords cover the development of gas deposit zones with a total area of 3,700 square km, located some 100 km into the Arabian Gulf, off the coast of Qatar.
The deposit is estimated to contain about 10 trillion cubic meters of natural gas and is expected to increase Iran's daily gas production by nearly 14 million cubic meters.
Sources say that the contract will be signed on Thursday between ENI and both the Iranian government and the Iranian firm Petro-Pars.
The French firm Total, is currently developing two other zones in the South Pars region. The agreement with ENI leaves just one zone unassigned.
In January, Iran approved the construction of a new terminal in the Gulf port of Asaluyeh to process natural gas from the Pars field. The terminal, which will be the largest in the region, is being constructed by Total and Hyundai, the South Korean conglomerate.
Iran has the second largest gas reserves in the world after Russia. They are estimated to be 20 trillion cubic meters.
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