Iran and Malaysia sign gas contract

Nov 26, 2009 01:00 AM

Iran and Malaysia have struck a EUR 1.2-bn deal to build natural gas liquids (NGL) facilities on Iran's southern Kharg Island. A consortium of Malaysian companies signed the agreement under finance mode with the National Iranian Offshore Oil Company, the owner of the project, in the Malaysian capital, Kuala Lumpur.
The project would gather 600 mm cf of the associated gas from Abouzar, Bahregansar, Doroud, Forouzan, Kharg and Soroush fields per day.

As the US is exerting pressures on European firms to cut back business with Iran, Asian companies are keen on investing in the resource-rich Middle Eastern country, sitting on the world's largest gas reserves after Russia. The two Muslim nations signed a $ 16-bn deal in late December to develop Iranian gas fields and build liquefied natural gas plants there.
Portuguese Foreign Minister Luis Amado says Galp Energia, a Portuguese firm, is discussing investment in oil exploration with Iran. Amado Luis said there have been several months of discussions between Galp Energia and the National Iranian Oil Company on joint exploration projects.

After his meeting with Manouchehr Mottaki, Iran's foreign minister, Amado said Portugal is very interested in investment in Iranian oil and natural gas projects.
"Tehran is opening its doors to investment from Galp in the Iranian petrol and gas sector, with the possible quid pro quo of having Sines [town in south-western Portugal] become a portal for the European importation of Iranian energy...," Mottaki said. Mottaki visited Lisbon January 23.

Iran sells oil in Asian money
A National Iranian Oil Company official says Iran is selling some of its oil exports to South East Asia in Asian Currency Units (ACU).
"Currently, most of the country's oil is being sold in euros and yens; 65 % is sold in euros and 15 % in yens," NIOC Marketing Director Mohammad-Ali Khatibi told. "Some of our oil to South East Asia is being sold in Asian money called ACU," he added.

Following the depreciation ofthe dollar, Iran decided to diversify the currencies it receives in exchange for the oil it sells.
Leaders of the Organization of the Petroleum Exporting Countries (OPEC) have also reviewed substitute currencies in their recent summit in Riyadh.

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