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Iran Makes $1.7B Proposal For Caspian Gas Field

The Iranian government put forth a $1.7 billion proposal to develop Phase 2 of the offshore Shah Deniz gas field in the Caspian Sea, officials said

Iran Makes $1.7B Proposal For Caspian Gas Field

"The second phase of the Shah Deniz field will go on stream in 2013 and 2014, and currently a lot of countries have asked to buy gas from the Shah Deniz consortium, and Iran has been placed in the list of those who are interested," said Hossein Noghrehkar-Shirazi, the deputy Iranian oil minister.

Shirazi said his country submitted the $1.7 billion proposal with the effort of taking a 10 percent stake in the second phase development of the field, Azerbaijan Business Center reported.

The State Oil Co. of Azerbaijan Republic and Norwegian StatoilHydro are the primary developers of Shah Deniz. Azerbaijan's President Ilham Aliyev met last week with officials from the Norwegian company to push for acceleration of Phase 2 development.

The comments from the deputy oil minister came on the heels of negotiations held last week between officials from Naft Iran Intertrade Co. Ltd. and SOCAR.

Author: Ksenia Kochneva


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