Iran Eyes Potential LNG Deals

Wednesday, March 01, 2006
Iran's National Iranian Oil Co. (NIO.YY) hopes to finalize deals with oil majors Total SA (TOT), Royal Dutch Shell PLC (RDSB.LN) and Repsol YPF SA (REP) towards the end of March to develop phase 11 and 13 of the country's giant South Pars gas field. reports that South Pars Oil and Gas Co. would sign the contracts on the two phases sometime this week. In 2004, NIOC signed a framework deal with Total for the upstream development of phase 11 to develop liquefied natural gas in the Pars LNG project. Two LNG trains would produce 10 million metric tons annually and investment would be between $1.2 billion to $1.4 billion. NIOC also signed a similar framework deal in 2004 with Royal Dutch Shell and Repsol to form the Persian LNG production company, linked to the development of phase 13 of South Pars and valued at $1.5 billion. These two new deals, along with NIOC's own projects NIOC LNG and Iran LNG, will help Iran to reach annual LNG production capacity of 30 million tons. At 27 trillion cubic meters, Iraq has the world's second largest natural gas reserves after Russia. But Iran has been slow to develop its resources with a view to exports. Almost half of Iran's natural gas reserves lie in the South Pars gas field which is jointly shared with Qatar, which is already exporting large quantities of LNG from the joint reservoir. (Source: MarketWatch)

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


ESL Shipping to Enter the Renewable Energy Market

ESL Shipping and AB Fortum Värme have signed an agreement for biofuel transport. The agreement provides ESL Shipping with access to the renewable fuels transport market.

Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of

Container Ships

SSA Welcomes Decision To Extend BEO

The Singapore Shipping Association (SSA) has welcomed the decision by Singapore’s Minister for Trade and Industry to extend the Competition (Block Exemption

Evergreen Line Orders Ten 2,800 teu Ships

Taiwanese shipping company Evergreen is ordering ten 2,800 TEU container ships from Japanese shipbuilder Imabari Shipbuilding Co.,Ltd and compatriot CSBC Corporation.

Pressure on Container Market Akin to 2008 Recession: UASC

A marked drop in Asian imports to Europe, made worse by a strong dollar, has exacerbated the pressure on shipping lines already struggling with massive over capacity,

Maritime Contracts Maritime Security Naval Architecture Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0731 sec (14 req/sec)