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FINANCIAL NEWS
Iran, Iraq, Syria to sign natural gas pipeline agreement
11 May 2011
(MENAFN) Iranian Deputy Oil Minister, Javad Oji, said that Iran, Iraq and Syria would sign an agreement by which the countries would establish a pipeline to transfer Iran’s natural gas to Europe, reported Xinhua News.
Oji added that the three countries agreed on the main part of the contract and the oil ministers would sign the official agreement in the future, adding that the project would transfer Iranian natural gas to Europe via Iraq, Syria to Lebanon and the Mediterranean Sea.
He also said that the estimated cost of the 5,600 kilometer pipeline would be between USD5 billion to USD6 billion, with ultimate capacity of 110 million cubic meters of natural gas per day.
It is worth noting that after Russia, Iran has the world’s second largest gas reserves, however, it struggled for years to develop its oil and gas resources.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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