Iran-Europe gas pipeline in sight

Oct 23, 2007 02:00 AM

The National Iranian Gas Company has announced that private sector will carry out construction of the Iran-Europe gas pipeline.
"In view of the substantial investment required for the construction of the pipeline, we have decided to hand it over to the private sector," said Deputy Oil Minister and National Iranian Gas Company Director Seyyed Reza Kasaei-Zadeh. "Although no definitive cost estimate can yet be made of the budget required for the pipeline's construction due to the generally unstable costs of engineering and other services, some preliminary calculations put the total outlay at about EUR 5 bn," he added.

Construction of the pipeline will be carried out by the private sector, but the National Iranian Gas Company will be responsible for providing the services needed, Kasai-Zadeh explained.
Negotiations regarding the various aspects of the Iran-Europe gas pipeline are currently underway in Turkey, he added.

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