Iran’s oil projects with UK and South Korea well underway

Aug 01, 2006 02:00 AM

Iran’s oil contracts secured with UK and South Korea are well underway. Following the approval of a UN Security Council resolution, demanding Iran suspend uranium enrichment latest by August 31, we reviewed a number of Iran’s oil agreements signed with UK and South Korea.
Based on the report, the contracts currently being developed by UK are already 50 % complete. They are valued at $ 1 bn.

Also, negotiations with the British contractors are underway to develop the Bidboland $ 1.7 bn project, as well as the South Pars LNG (liquefied natural gas) projects valued at about $ 5.5 bn.
Meanwhile, the oil projects signed between Iran and South Korea, valued at around $ 1 bn, are about 70 % complete. Also another oil sale contract has been signed between Iran and South Korea that is worth $ 1,891 bn. Iran has also agreed with the East Asian nation on the purchase of oil tankers from the country.

Source: Mehr News Agency
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