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Korea, Italy said to gas up at S. Pars.

Iran says that notwithstanding U.S. sanctions, Italian and South Korean companies have inked contracts with Iran to develop Phase 12 of the South Pars gasfield.

Gholam-Reza Manouchehri, managing director of Iran's Petropars Oil and Gas Co., announced the signing of the deals he said were worth $4 billion.

South Pars holds an estimated 450 trillion cubic feet of natural gas reserves, which represents about 47 percent of the total reserves in Iran.

The contracts include a $2 billion contract with the South Korean Daelim Co. and a $2 billion contract with Italy's Tecnimont, the Fars news agency said. There was as yet no confirmation from the Italians and Koreans that these were contracts rather than memoranda of understanding. Iran has a practice of reporting lesser agreements as contracts.

Seyfollah Jashnsaz, managing director at the National Iranian Oil Company (NIOC), said work on Phase 12 is slated to begin in 2011.
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Title Annotation:Energy: Keeping the world moving
Publication:Iran Times International (Washington, DC)
Date:Nov 13, 2009
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