Iran opens $2.7b gas project

Iranian President Ebrahim Raeisi said the enemies cannot put the brakes on the country’s economic progress and production, as he officially inaugurated Phase 14 of the giant South Pars Gas Field.
Phase 14 project of the gas field has been fully designed, carried out and operated by Iranian experts regardless of unilateral Western sanctions, Press TV reported.
A homegrown project that has been developed by using the largest amount of domestic capacities in comparison with the other phases, Phase 14 is going to produce a daily output of 50 million cubic meters of sweet gas, 400 tons of sulfur, and 75,000 barrels of gas condensates.
The new phase of South Pars gas field is also expected to produce one million tons of ethane and one million tons of liquefied petroleum gas (LPG) as petrochemical feedstock per annum.
Iranian Oil Minister Javad Owji said the country has spent $2.7 billion on development of the Phase 14 project of the South Pars gas field, stating that return on investment (ROI) is expected to be achieved within a year.
Addressing local people during a ceremony in Iran’s southern port city of Bushehr on Thursday, Raeisi said since the victory of the 1979 Islamic Revolution, the enemies have sought to accomplish their objectives in Iran through all kinds of plots, conspiracies and acts of sedition, but all to no avail.
“The enemies sought to stop Iran by means of brutal sanctions, but could not achieve their goals,” he said.
Raeisi said the enemies have resorted to a hybrid war and waged various psychological, media, economic and political operations in order to block the progress of the Islamic Republic of Iran; however, their bids have all failed in the face of the vigilance and awareness of the Iranian nation.
South Pars gas field, whose development has been divided into 28 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar.
It covers an area of 9,700 square kilometers, of which 3,700 square kilometers belongs to Iran.
It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.


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