SHANA� The managing director of Iranian Offshore Oil Company, Hamid Bovard, says the gas processing complex of Hengam Oilfield will save Iran over 300 million dollars annually, once fully operational.

The daily cost-saving of the project will be more than $700,000 per day, he said.

Addressing the opening ceremony of the gas processing complex, Hamid Bovard today, Wednesday, added: "The operation of this complex, in addition to preventing the burning of gases in the oilfield, has considerable environmental advantages and makes injection of the processed gas to the gas distribution network of the country.

Before inauguration of the project, Iran flared an equal to 14,000 crude oil barrels/day of gas in the field, he added.

The project was funded with �70m which will return over a period shorter than a year, Bovard further noted.

He also referred to the PSSR studies for the first time at the complex.

Iranian President Hassan Rouhani launched the project on Wednesday.