Iran: Signature of a shareholder agreement to create Pars LNG

abarrelfullabarrelfull wrote on 09 May 2012 06:46

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February 25, 2004

Total announces the signature of a shareholder’s agreement between the National Iranian Oil Company (NIOC, 50%), Total (30%) and Petronas (20%) for the creation of a joint venture, Pars LNG.

This signature is the first step towards the development of a long-term partnership between the three companies to produce Liquefied Natural Gas (LNG).

The project is designed for an initial capacity of two trains of 4 million tons of LNG per year each. The gas will be produced on block SP 11 of the South Pars gas field on which negotiations are presently underway between NIOC, Total and Petronas.

For the development of this project, Total will put into practice the company’s expertise in the domain of LNG as well as knowledge of the giant South Pars gas field, acquired during the construction and entry into production of phases 2 and 3.

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