7 international investors eyeing to participate in the Islamic pipeline project

Tehran Times reported that seven international investors have announced they are ready to participate in the Islamic pipeline project which would transit Iranian natural gas to Iraq, Syria and Europe.

Mr Javad Owji deputy oil minister of Iran said that “7 international investors have announced their readiness to finance, design and construct the pipeline that will transport 110 million cubic meters of Iranian natural gas to Iraq, Syria and European countries per day.”

Mr Owji said that talks are underway to prepare the ground to launch the construction of the multi billion dollar project by the beginning of the next Iranian calendar year. Last month, Iran, Iraq and Syria signed USD 10 billion deal for the transit of Iranian gas from Iran’s South Pars gas field to Europe.

According to the deal, Iranian gas will be pumped to European countries, including Greece, via a 5,000 kilometer pipeline crossing Iraq, Syria, Lebanon and the Mediterranean Sea.

Mr Owji said that Iran has the capability to produce 600 million cubic meters of gas per day and noted that the output will double when new phases of the South Pars gas field come on stream over the next few years. The gas pipeline project will take 3 to 5 years to complete.

(Sourced from Tehran Times)