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Implementation of this contract, valued at US$1.27 billion, will lead to
the construction of the world's biggest gas refinery |
A contract for constructing a refinery
for phases 6, 7 & 8 of the South Pars project was signed between the Iranian
Petropars Company and the international Toyo Consortium. The International
Toyo Consortium consists of Iranian Co., IDRO (Industries Development and
Renovation Organization), Toyo and GGC of Japan and the South Korean Daelim
Company. IDRO enjoys a 29% share of the contract while Toyo, GGC and Daelim
have shares of 29%, 24% and 18% respectively.
Implementation of this contract, valued
at US$1.27 billion, will lead to the construction of the world's biggest gas
refinery in a time span of 34 months. The refinery will produce 85 million
cubic meters of methane gas to be injected into oil wells at the Aghajari Oil
Field, 120,000 barrels of gas liquids and condensates and 3,700 tons of LPG.
The value of the refinery’s products will eventually amount to $3 billion per
year.
The contract was signed by Managing
Director of Petropars, Akbar Torkan, and Managing Director of South Pars’
phases 6, 7& 8, Gholamreza Manouchehri from Iran and the Managing Directors of
the four companies constituting the Toyo Consortium. The signing ceremony took
place in Tehran on 17 May 2003, with the attendance of officials from all the
countries involved. One of these officials was Masato Sasaki, Head of the
Economic & Commercial Section and Second Secretary of the Japanese Embassy in
Tehran, who expressed delight at witnessing the signing of such agreements
between Iran and Japanese companies. He further stated that "this is big
business" and Japanese companies will participate in such ventures provided
that they are profitable. He said that the Japanese government encourages its
private sector to invest in Iran’s market and has no reservations so long as
the investment is profitable. After all its only business.
