Iran to Launch 3 LNG Projects

Tehran Times, Iran
April 26 2004

Iran to Launch 3 LNG Projects

TEHRAN (PIN) — Iran is determined to launch three big liquefied
natural gas (LNG) projects, Minister of Oil Bijan Namdar Zanganeh
said Sunday. “One project will be handled by French Total and
Malaysian Petronas to produce 10 million tons of LNG. The second
project goes to British Shell while the third one will be implemented
inside the country,” Zanganeh told reporters on the sidelines of a
conference on gas exports being held in Tehran.

“At moment, we can allow up to 49 percent of foreign investment and
welcome foreign companies to help us launch LNG projects,” the
minister said.

Deputy Oil Minister Mehdi Mirmoezi said Iran has decided to award
French oil giant Total a 1.2 billion dollar contract to develop phase
11 of the massive South Pars offshore gas field. “Total has been
chosen to develop phase 11 of South Pars,” he said. “The final
negotiations are in progress, and unless there is a problem, the
contract will be signed in one or two months.” Zanganeh also said
that Iran has already signed an oil exports deal with a company from
the United Arab Emirates. “We are negotiating with Kuwait and our
talks are going on with Armenia for gas exports.”

Regarding oil prices, he said that he believed an oil price hovering
around 28 dollars per barrel would be a “good price” for the
Organization of Petroleum Exporting Countries (OPEC).

“I consider that 28 dollars a barrel is a good price for OPEC, or one
or two dollars more or less,” the minister told reporters.

“The objective should be to maintain the price of a barrel in the
upper part of the 22 to 28 dollar bracket,” said the minister.

Iran is OPEC’s second exporter. OPEC ministers agreed in March to
press ahead with an output cut of four percent from April 1,
dismaying importers such as the United States. But Zanganeh blamed
the high prices on “refining problems in the United States and the
political tensions in the Middle East, and OPEC can do nothing to
solve these two problems.”

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS