News ID: 211891
Published: 0349 GMT March 18, 2018

Iran has nearly doubled gas production at South Pars: President

Iran has nearly doubled gas production at South Pars: President

Iran has nearly doubled gas production from South Pars, the world's largest gas field, in the past year, said President Hassan Rouhani on Sunday.

Gas production at South Pars increased from 285 million cubic meters to 555 million cubic meters in the year from March 20, 2017, Rouhani was quoted as saying by Reuters.

"We did not need to purchase gas from any country this year for them to try to be fickle or raise prices," Rouhani said.

Total signed a deal with Tehran last July to develop Phase 11 of South Pars Gas Field at an initial investment of $1 billion. It was the first major Western energy investment in the Islamic Republic since sanctions related to Iran's nuclear program were lifted.

Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent and National Iranian Oil Company subsidiary Petropars with 19.9 percent.

Separately, Iran's Minister of Industry, Mine and Trade Mohammad Shariatmadari said on Sunday that the Islamic Republic has received $1.9 billion in foreign investment since Rouhani began his second presidential term last August.

   
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