Iran’s president inaugurates new gas projects

This Saturday, March 16, 2019 photo, shows a natural gas refinery at the South Pars gas field on the northern coast of the Persian Gulf, in Asaluyeh, Iran. (AP)
Updated 17 March 2019
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Iran’s president inaugurates new gas projects

  • CEO of the South Pars gas field company says the development will allow Iran to overtake Qatar in the production of natural gas
  • Rouhani presided over the inauguration of four projects with a total annual investment of $5 billion

TEHRAN: Iran’s President Hassan Rouhani has inaugurated a new phase in the development of a massive natural gas field.
State TV on Sunday quoted the CEO of the South Pars gas field company, Mohammad Meshkinfam, as saying the development will allow Iran to overtake Qatar in the production of natural gas. The two countries are among the biggest gas producers in the world, and share the South Pars gas field, which is beneath the Arabian Gulf.
Rouhani presided over the inauguration of four projects with a total annual investment of $5 billion. Each will produce an additional 56 million cubic meters of natural gas and 75,000 barrels of condensate per day.
Iran currently produces more than 600 million cubic meters of gas and 200,000 barrels of condensate per day.


US-Saudi business council reports $13bn in contracts

Updated 24 May 2019
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US-Saudi business council reports $13bn in contracts

  • Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said

LONDON: The value of joint Saudi-US contracts rose to $13 billion in the first quarter of 2019, according to a business council report.

That marked the highest value of awarded contracts since the first quarter of 2015, the US-Saudi Arabian Business Council said.

The value of contracts awarded during the first quarter amounted to about half of the total value in all of last year, it added.

The contracts “included many vital projects, notably in the oil, gas, water and transport sectors,” Abdallah Jum’ah, the co-chair of the council, was reported as saying by Asharq Al-Awsat.

Energy was the top sector, with $3.1 billion of the value of contracts awarded, with many struck by Saudi Aramco. 

Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said.

The construction sector also looks set for a recovery after many projects were put on hold due to the oil-price crash.

“If the pace of awarding construction contracts witnessed during the first quarter of 2019 continues for the rest of the year, the index of awarding construction contracts may return to the range we witnessed before the canceling and postponing of mega projects due to lower oil revenue,” the council said.