Iran to Earn $900 bln by Implementing Gas Pressure-Boosting Project

Iran will earn more than $900 billion in revenues with the implementation of the gas pressure-boosting project in the South Pars (SP) Gas Field.

News ID: ۸۲۹۷۹۵

10 March 2024

EghtesadOnline: Contracts for the project were concluded in a ceremony attended by competent Iranian companies and contractors with an investment of $20 billion, the chief executive of the National Iranian Oil Company (NIOC) stated.

Mohsen Khojastehmehr said the project is an important one in ensuring sustainable energy security, IRNA reported.

The deputy oil minister went on to say that pressure boosting plays an important role in producing gas and gas condensates.

Khojastehmehr put the value of investment made for launching this project at about $20 billion, the implementation of which will bring more than $900 billion in revenues to the country.

Earlier, the NIOC chief had announced that $14 billion of contracts will be signed for developing oil and gas fields and a project to boost pressure in the South Pars gas field.

Several private-sector contractors will help carry out the gas pressure-boosting project in the joint South Pars field, he added. / Tasnim