Algeria to invest in Iran’s South Pars field

Jun 11, 2007 02:00 AM

A senior Iranian oil official says Algerian state oil and gas firm Sonatrach is ready to take part in the development of South Pars gas field.
Managing Director of Iran's Petropars, Gholamreza Manouchehri said: "Algeria's national oil company has announced its readiness to participate in upstream and downstream sections of the project to develop phase 12 of South Pars gas field." He called Algeria a leading country in LNG export.

Sonatrach, Africa's biggest company by revenue, provides 20 % and 13 % respectively of US and European liquefied natural gas (LNG) needs. It also produces 62 bn cm of natural gas per year, which is expected to reach 85 bn cm by 2010.
OPEC member Algeria is the world's 15th biggest oil reserves owner and a major gas supplier to Europe, earning $ 230 bn in the past six years.

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