TEHRAN Sept 24 (Shana)–The National Development Fund of Iran (NDFI) is to be tapped for the development and completion of Kharg NGL project, managing-director of Iranian Offshore Oil Company said.
Saeed Hafezi said $600 million is to be allocated to the project which is now 47% complete.
He said the project needs a total of $1.2 billion, adding that an agent bank is to provide the NDFI allocation.
The project needs at least 18 months to be completed and its construction operations are under way in the onshore and offshore sectors.
With the completion of Kharg NGL, the flare of Abouzar oil platform will be set off and up to 25 mcf of gas will be used in petrochemical and oil facilities instead of being flared.
The full implementation of the project will prevent the flaring of 600 mcf/d of gas in the Persian Gulf region.
The NGL project will also produce ethane, propane, pentane, butane and natural gas.
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