South Pars to earn Iran $127b

The Managing-director of the National Iranian Oil Company (NIOC) Roknoddin Javadi

The Managing-director of the National Iranian Oil Company (NIOC) Roknoddin Javadi

TEHRAN March 17(Shana)–The supergiant South Pars gas field is estimated to earn Iran $127 billion in annual revenues in three years, a top official said.“The value of products from this field will reach $127 billion up to” the Iranian calendar year starting in March 2018, Rokneddin Javadi, managing-director of National Iranian Oil Company, said.

He said that South Pars output is forecast to reach 250 bcm a year by that time.

“Due to [international sanctions] and the [ensuing] delay in the development of this project (Phase 12), $12 billion has so far been spent on it,” he said, adding that the investment made in this project is expected to return in one year.

Javadi said revenues from Phase 12 alone are projected to reach $9 billion a year.

By SHANA