NIOC to fine Chinese CNPCI over delay in South Pars project

TEHRAN,Dec.18(MNA)--The National Iranian Oil Company (NIOC) emphasized it will fine China's National Petroleum Corporation (CNPCI) for its repeated delays in developing the South Pars gas field phase 11. CNPCI has delayed frequently in starting the development plan of Phase 11 of South Pars gas field, while the deal has been signed 27 months ago, managing director of Pars Oil and Gas Company said on October 10. “Iran is dissatisfied with CNPCI's frequent delaying of Phase 11 of South Pars development,” Mousa Souri told. Earlier, Iran's Oil Ministry Rostam Qasemi asked CNPCI to develop phase 11 of the South Pars gas field in a 35-month period with a warning that otherwise, domestic or foreign contractors would replace it. CNPCI won a $4.7 billion contract to develop Phase 11 of the South Pars gas project in 2009. The Chinese company replaced Total SA, which had hesitated because of political concerns. The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.