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News number: 8806221184

17:51 | 2009-09-13

Economy

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Iran Inks Gas Deal with Foreign Company

TEHRAN (FNA)- Managing Director of the National Iranian Gas Exports Company (NIGEC) Reza Kasaiezadeh announced on Sunday that Tehran has signed an agreement with a foreign company to sell the gas exploited from one of its Persian Gulf fields.



Kasaiezadeh did not mention the name of the foreign party to the deal, but said it is bound to develop the field itself and exploit gas for exports to the UAE for a period of 25 years.

He further pointed out that the company would exploit around three billion cu/m of gas from the field annually.

Also, Iran has signed another short-term agreement over exploitation its gas reserves in the Persian Gulf. According to the three-year agreement, the other side will exploit 50 million cu/ft from the field on a daily basis.

The pricing formula is based on Japanese crude (JCC) and in accordance with the price of Iran's gas exports to other countries.

According to the agreement, Iran's Siri Island will be the point of delivery. Siri enjoys proper facilities at present and is a suitable place for storing, measuring and exporting the gas exploited from Iran's Persian Gulf fields to the neighboring countries.