TEHRAN, Jan. 12 (Shana) � Managing Director of the Pars Oil and Gas Company (POGC) said that following the launch of phases 15 and 16 of South Pars Gas Field on Monday, Iran has dramatically shortened the distance with Qatar in utilizing its share from the joint field.

�Iran is producing 420 mcm daily from the field while Qatar is producing 650 mcm,� Ali-Akbar Shabanpur said in a televised program adding that Qatar used to produce 2.5 times more that Iran before the recent development project was completed.

�Under strict sanctions, import of compressors were banned,� he added, �But the contractors managed to launch the first sweetening train of the new phases� refinery last month which was a great achievement.�

Shabanpur also said that phases 15 and 16 cost about 5.5 billion dollars which was more than the initial 2.99 billion dollar estimate in charges because purchase costs��had�increased due to the sanctions.

According to the CEO, the newly-launched phases will earn 2.6 billion dollars per year which in less than two years make up for the costs.

By SHANA