TEHRAN — The National Iranian Oil Company (NIOC) plans to make a final investment decision (FID) on its Pars LNG Project by mid February, the managing director of the Pars Oil and Gas Company (POGC) said here on Friday.

“NIOC will hold talks with its partners France’s Total and Malaysia’s Petronas over the FID of the Pars LNG Project after they reach a consensus on prices of the downstream and upstream parts of the project,” Akbar Torkan told the Iranian Students News Agency (ISNA).

Under the Pars LNG Project, Iran will produce liquefied natural gas (LNG) from phase 11 at its giant South Pars (SP) gas field. The project is to be implemented by the NIOC and the consortium of Total and Petronas.

Iran is also seeking another project dubbed ‘Iran LNG’ to produce the liquefied natural gas from the SP phase 12, Torkan stated.

Persian LNG is Iran’s another identical project on which the country signed a $4.3 billion initial deal with oil giants Shell and Spain’s Repsol last week. The FID of this project is valued at $10 billion.