Renewed Call for Using Domestic Gas Capacity

Renewed Call for Using Domestic Gas CapacityRenewed Call for Using Domestic Gas Capacity

The equipment needed in South Pars Phase 11offshore venture, which is expected to be developed by China National Petroleum Corp and Iran’s state-owned firm Petropars, will cost $2.8 billion, chairman of the board of directors of Iranian Petroleum Industries Equipment Manufacturers Association said. "As per the deal, contractors are obliged to meet 51% of their requirements from domestic manufacturers before relying on foreign suppliers," Reza Padidar was also quoted as saying by ILNA on Saturday.
According to the official, France's Total had finalized a deal in 2016 worth $4.8 billion to develop one of the least developed ventures among 24 phases of South Pars in the Persian Gulf. However, it abandoned it in the wake of the US unilateral withdrawal from Iran's nuclear deal in May and threats to reimpose sanctions.


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