March 18, 2018 / 2:49 PM / a month ago

Iran has nearly doubled gas production at South Pars: Rouhani

BEIRUT (Reuters) - Iran has nearly doubled gas production at South Pars, the world’s largest gas field, in the past year, Iranian President Hassan Rouhani said Sunday, according to state media.

Iranian President Hassan Rouhani inspects an honour guard during his ceremonial reception in New Delhi, India, February 17, 2018. REUTERS/Adnan Abidi

Gas production at South Pars increased from 285 million cubic meters to 555 million cubic meters in the past Iranian calendar year, which started in late March 2017, Rouhani said, according to state media.

“We did not have the need to purchase gas from any country this year for them to try to be fickle or raise prices,” Rouhani said.

Total signed a deal with Tehran last July to develop phase 11 of Iran’s South Pars field with an initial investment of $1 billion. It was the first major Western energy investment in the Islamic Republic since sanctions related to Iran’s nuclear-power program were lifted.

Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent and National Iranian Oil Co subsidiary Petropars with 19.9 percent.

Separately, Iran’s minister of industry, mine and trade, Mohammad Shariatmadari, said Sunday that the Islamic Republic has received 1.9 billion dollars in foreign investment since Rouhani began his second presidential term last August, according to state media.

Reporting By Babak Dehghanpisheh, editing by Larry King

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