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Official: 14 Consortiums Ready to Invest in Iran-Iraq Gas Pipeline
TEHRAN (FNA)- Iranian Deputy Oil Minister Hamid Reza Araqi announced that over a dozen energy consortiums have voiced their willingness to invest in Iran-Iraq gas pipeline.
"A sum of 14 gas consortiums said that they are ready to invest on Iran-Iraq gas project by sending the needed documents to the oil ministry," Araqi said on Friday.
He noted that Iran-Iraq gas pipeline needs a primary investment of $500 million, "These companies can begin completing the project with $500 million and fulfill their commitment in the next two months.
Iranian gas exports to Iraq will increase in the next two years after Iran starts transferring supplies to the neighboring country via the two pipelines of Baghdad and Basra.
Azizollah Ramezani, Director of the International Affairs of the National Iranian Gas Company said that the construction of the Baghdad pipeline will be completed soon.
Gas will be exported through the pipeline as of the month of Ordibehesht next year (April/May 2015) with the initial capacity of 4 million cubic meters per day in the first phase. The volume will be increased to 25 mcm/d.
The second pipeline which passes through Shalamche-Basra route has a final capacity of 35 million cubic meters per day.
Iran's total gas exports to Iraq through the two Baghdad and Basra routes has the capacity to be increased to 70 mcm/d, according to the officials of the National Iranian Gas Company.
Iran and Iraq have enjoyed growing ties ever since the overthrow of the former Iraqi dictator, Saddam Hussein, during the 2003 US invasion of the Muslim country.
Iran, which sits on the world's second largest natural gas reserves after Russia, is making efforts to raise its gas production by increasing foreign and domestic investments, specially in South Pars gas field.
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TEHRAN (FNA)- Iranian Deputy Oil Minister Hamid Reza Araqi announced that over a dozen energy consortiums have voiced their willingness to invest in Iran-Iraq gas pipeline.
"A sum of 14 gas consortiums said that they are ready to invest on Iran-Iraq gas project by sending the needed documents to the oil ministry," Araqi said on Friday.
He noted that Iran-Iraq gas pipeline needs a primary investment of $500 million, "These companies can begin completing the project with $500 million and fulfill their commitment in the next two months.
Iranian gas exports to Iraq will increase in the next two years after Iran starts transferring supplies to the neighboring country via the two pipelines of Baghdad and Basra.
Azizollah Ramezani, Director of the International Affairs of the National Iranian Gas Company said that the construction of the Baghdad pipeline will be completed soon.
Gas will be exported through the pipeline as of the month of Ordibehesht next year (April/May 2015) with the initial capacity of 4 million cubic meters per day in the first phase. The volume will be increased to 25 mcm/d.
The second pipeline which passes through Shalamche-Basra route has a final capacity of 35 million cubic meters per day.
Iran's total gas exports to Iraq through the two Baghdad and Basra routes has the capacity to be increased to 70 mcm/d, according to the officials of the National Iranian Gas Company.
Iran and Iraq have enjoyed growing ties ever since the overthrow of the former Iraqi dictator, Saddam Hussein, during the 2003 US invasion of the Muslim country.
Iran, which sits on the world's second largest natural gas reserves after Russia, is making efforts to raise its gas production by increasing foreign and domestic investments, specially in South Pars gas field.
[You must be registered and logged in to see this link.]
