Iran General NewsAustria's OMV signs MOU with Iran to develop South...

Austria’s OMV signs MOU with Iran to develop South Pars gas field

-

AFP: Austria’s OMV, the biggest oil and gas group in Central Europe, announced it had signed a memorandum of understanding with Iran Saturday to jointly develop a gas field in the Gulf. VIENNA, April 21, 2007 (AFP) – Austria’s OMV, the biggest oil and gas group in Central Europe, announced it had signed a memorandum of understanding with Iran Saturday to jointly develop a gas field in the Gulf.

As part of its agreement with the National Iranian Oil Company, OMV will help develop parts of the South Pars gas field, one of the largest in the world, the group said in a statement.

It will also set up a liquefaction facility for the Iran Liquefied Natural Gas project and conclude further supply agreements for LNG from Iran.

OMV said the agreement made sense given its involvement in building a terminal for LNG in Croatia. Iran’s large reserves make it a potential source of supply for the terminal, it added.

A consortium made up of Adria LNG — which comprises OMV, Total, Czech Republic’s RWE Transgas, Croatia’s INA and Slovenia’s Geoplin — and Germany’s E.ON Ruhrgas is developing an LNG terminal on the Croatian island of Krk at a cost of 700 million euros (951 million dollars), due to become operational by 2011 or 2012.

The terminal will convert LNG, condensed to be more easily transported by ship as an alternative to pipelines, back to gas form.

OMV’s natural gas project will be its first of that kind in Iran although it is already involved in an oil venture there, OMV spokesman Thomas Huemer said Saturday.

Latest news

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

How Internet Censorship Is Damaging Iran’s Economy

While in the last four months, internet access in Iran has been cut off or severely limited, the regime’s...

Iran Regime’s Upcoming Budget Bill Will Lead To More Protests

On January 12, the Iranian regime’s president Ebrahim Raisi handed over the country’s budget bill to the parliament.  According...

Must read

Iran denies reformists to be released

AFP: Tehran prosecutors have denied a report that 20...

U.N. takes up further Iran sanctions

UPI: Talks began Monday at U.N. headquarters with some...

You might also likeRELATED
Recommended to you