September 29, 2008

Iranian Oil Minister on Oil Stock Market and South Pars Developments

Text of unattributed report headlined" Oil will go to bourse" published by Iranian newspaper Aftab-e Yazd on 25 Sep

The Oil Minister [Gholamhoseyn Nowzari] announced that 41bn dollars have been invested in the oil industry and finalizing the stages of selling crude oil at the oil stock market. In an interview with Borna [news network] he said: The Yadavaran, Darkhoveyn are among other fields of the state where foreign investment has been made. However, the amount of the attracted capital and contract increase in accordance with the increase in the expenses and prices.

According to him a number of foreign companies have come close to signing a contract for the development of the Phase 12 of South Pars but nothing has been finalized yet. Pointing out that the projects do not face any issues regarding investment and required credits, he said: Considering the insight and forethought of the Majlis and the government and allocation of three per cent of the oil revenue for the development of the phases of South Pars, we do not have any problems [with this regard]. He considered this plan a powerful point in negotiations of the Oil Ministry with foreign countries. He said: That is why we always say that the financial issues do not play a key role in Iran having foreign partners.

Speaking about the delay in exploitation of the Iran-Alborz semi- submersible drilling platform, he pointed that the tows were not ready yet.

Regarding the delay in the meeting of the oil bourse with participation of Oil and Economic Affairs ministers he said: The proposed meeting was not held. However, the expert work on the oil stock market is being carried out and the operation stages for selling crude oil at it [oil stock market] are being finalized.

Originally published by Aftab-e Yazd, Tehran, in Persian 25 Sep 08.

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