Iran Oil Minister Says 2009 Bright Year for South Pars Project

Oil Minister Gholamhoseyn Nozari said that executive works on 11 other phases of South Pars gas field will soon begin, as this year will be a bright year for the project.

Talking to reporters on the sidelines of a ceremony to sign contract for the 20th and 21st phases of the project, he added that contracts for other two phases will be inked in near future.

Stating that Oyek Company is the contractor of the phases 20 and 21, Nozari added that the company set an international record by implementing the phases nine and ten of South Pars project.

It played a crucial role in procuring gas last winter, he noted.

Implementation of the phases 20 and 21 is meant to produce 50m cubic meters of gas, 77,000 barrels of condensates and one million tons of ethane, Nozari said, noting that it will take 52 months to complete the projects at a cost of $5 billion.

Commenting on oil prices, he said that evidence show that oil prices are improving in view of the decisions taken during the OPEC's recent meeting.

Iran and Algeria cut their output by 4/2 million barrels a day, whose impact was evident on the global markets, Nozari concluded.  

BBC Monitoring. Copyright BBC.