China, Iran Sign USD 5 B Natural Gas Deal

Iran has signed a USD 5 B natural gas deal with China amidst its Presidential Elections campaign. Photo by BGNES

Iran has signed a USD 5 B deal with China National Petrolium Corporation (CNPC) for the exploitation of the giant South Pars natural gas field.

According to the Director of the National Iranian Oil Company, the exact amount of the deal is USD 4,7 B, and the contract provides for the extraction of 50 million cubic meters of natural gas daily, BGNES reported.

Iran has the second largest natural gas reserves in the world estimated at 27 trillion cubic meters; the South Pars field is estimated to contain some 12 trillion cubic meters. Despite its huge deposits, Iran actually imports natural gas from Turkmenistan as its energy infrastructure is yet to be developed further.

 

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