02 November 2011
All remaining phases of South Pars development project are expected to become operational in three years with the cooperation of the government and Parliament (Majlis), said oil minister on Tuesday.
Talking to the reporters on the sideline of the I15th International Conference on Technology and Innovation in Oil and Gas Industry he said that a block of South Pars oilfield is presently being exploited by Qatar, IRNA reported.
"Iran began extracting oil from the block in the past month," he said. Referring to the problems faced by the Oil Bourse, he hoped that the existing obstacles to the operation of the bourse would be removed.
Qasemi stated that development of joint oilfields is the priority of the Oil Ministry, noting procuring financial resources is the most important problem in this respect.
Plans have been drawn up to begin activities in the oilfields, he said, noting executive operations of Darkhoien, Changouleh and Azar oilfields have begun.
He noted that using the annual budget of Oil Ministry and selling participation bonds and Sukuk are among the strategies which can be adopted for securing financial resources.
"Some 100 billion rials ($10 million) of participation bonds will be sold by the end of the current Iranian year (in March 2012)," he said.
The minister said that permit is expected to be issued for selling $10 billion of sukuk by the end of current year.
All remaining phases of South Pars development project are expected to become operational in three years with the cooperation of the government and Parliament (Majlis), said oil minister on Tuesday.
Talking to the reporters on the sideline of the I15th International Conference on Technology and Innovation in Oil and Gas Industry he said that a block of South Pars oilfield is presently being exploited by Qatar, IRNA reported.
"Iran began extracting oil from the block in the past month," he said. Referring to the problems faced by the Oil Bourse, he hoped that the existing obstacles to the operation of the bourse would be removed.
Qasemi stated that development of joint oilfields is the priority of the Oil Ministry, noting procuring financial resources is the most important problem in this respect.
Plans have been drawn up to begin activities in the oilfields, he said, noting executive operations of Darkhoien, Changouleh and Azar oilfields have begun.
He noted that using the annual budget of Oil Ministry and selling participation bonds and Sukuk are among the strategies which can be adopted for securing financial resources.
"Some 100 billion rials ($10 million) of participation bonds will be sold by the end of the current Iranian year (in March 2012)," he said.
The minister said that permit is expected to be issued for selling $10 billion of sukuk by the end of current year.
© Iran Daily 2011
