Italian firms express interest in developing North Pars infrastructure

Italian firms have voiced interest in developing infrastructures at Iran’s North Pars gas field in the post-sanctions era, said Mehdi Yousefi, managing director of Pars Special Energy and Economic Zone.

Specifically, Italian companies (which he did not name) have announced their readiness to establish a port at the North Pars gas field. The issue will be discussed and decided in a joint committee meeting, Shana news agency quoted Yousefi as saying on December 8.

He expounded upon investment opportunities in the region, adding that proximity to the Persian Gulf as an international sea route and its effect on facilitating imports and exports of goods, large port complexes, and easy access to petrochemical feedstock are among the main advantages of making investments in the region.

There is no such a place in the world which can combine all such facilities and capacities, he stressed, adding that the prospect of sanctions being lifted for Iran has provided foreign companies with a potentially bright future for investment in the Pars Special Energy and Economic Zone.

North Pars' gas reserve is around 1.6 trillion cubic meters. Its current production is zero, but its estimated final production is 100 million cubic meters and 12,000 barrels of gas condensate per day.

The North Pars development plan was introduced to foreign investors within the framework of Iran’s new oil and gas model of contracts, known as the Iran Petroleum Contract (IPC), on November 28.