TEHRAN - A high-ranking Iranian Oil Ministry official has announced that Iran should invest one billion dollars every month for the development of projects in the South Pars gas field, which is part of a huge gas field in the Persian Gulf that Iran shares with Qatar.
National Iranian Oil Company Managing Director Roknodin Javadi said on Wednesday that a delay in investing this sum of money will cause a loss of about $100 million per day for the country.
Javadi said the completion of all phases of South Pars will require an investment of about $25 billion in the next two years in order bring a halt to this great financial loss.
“In other words, for realizing the development goals of South Pars, one billion dollars should be invested every month,” the NIOC managing director stated.
He went on to say that the Pars Oil and Gas Company, which is tasked with developing the huge gas field, should allocate $35 million per day for this purpose so that the “financial resources are spent in time on projects.”
And if the yearly income from each developed phase in South Pars is estimated at $2.5 billion, the development of the 12 unfinished projects will yield $30 billion per year, he added.
“If the $30 billion in revenues is divided into each day of delay in the development of the South Pars phases, a figure of about $100 million is gained, and this means that this company (the Pars Oil and Gas Company) should spend $35 million per day in order to add $100 million to the country’s income,” he noted.
Javadi said there is “no time for trial and error” in completing the South Pars projects, and through “a sense of responsibility, we should not lose time.”
“The daily income of about $100 million from the South Pars field should be realized as soon as possible,” he added.
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