Iran raises reward and fine for South Pars contractors to $75m
Iran's Oil Minister Rostam Qasemi has raised both the reward and
the fine for private contractors working on the giant South Pars
gas-condensate field by $25 million to $75 million, Moj news agency
reported.
Several months ago, National Iranian Oil Company (NIOC) said it
would impose a $50 million monthly fine on the companies operating
on South Pars if they work slow.
On the other hand, the companies will receive a reward of $50
million if they manage to complete all the eight phases of the
35-month South Pars project under the existing contract on time.
Thus far, 27 monthshave gone by.
Iran and Qatar share the South Pars gas field. The Iranian portion
of the deposit, which is divided into 29 phases, holds about 14
trillion cubic meters of gas, or about eight per cent of the
world's total reserves.
Qatar began work on South Pars ten years before Iran and has
stepped up development of the field, while Iran has suffered
setbacks from international sanctions and technical and financial
obstacles.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!