NIOC extends gas flare projects period

Logo of National Iranian Oil Company (NIOC)

Logo of National Iranian Oil Company (NIOC)

TEHRAN March 08(Shana)–The National Iranian Oil Company (NIOC) has agreed to extend the time-frame of gas flare projects from one year to two years.

Under the previous terms applicants had to implement gas flare projects in a one year period but under a suggestion forwarded by the committee in charge of monitoring gas flare auctions, NIOC decided to extend implementation of the projects to two years.

Under the previous terms, applicants were obliged to start gathering gases and converting them to value-added products in one year otherwise they had to pay equivalent of 80 percent of the gas quantity in their contracts.

But various calls by applicants convinced the monitoring committee and NIOC to extend the grace period to two years without any fine for not gathering gases.

In an attempt to prevent air pollution and curbing gas flare and converting them into products with high value-added, NIOC has announced a public call for holding a tender on gas flare.