PDVSA set for stake in South Pars

Petroleos de Venezuela S.A. (PDVSA) will invest around $780 million in phase 12 of the South Pars gas field development in the Persian Gulf, according to the project manager Hamad Akbari.

Oct. 28, 2010

Offshore staff

TEHRAN – Petroleos de Venezuela S.A. (PDVSA) will invest around $780 million in phase 12 of the South Pars gas field development in the Persian Gulf, according to the project manager Hamad Akbari.

The agreement should be finalized within three months, he added.

If confirmed, PDVSA’s commitment would represent 10% of the $7.8-billion project.

According to a report on Pars Oil & Gas Company’s website, Sonangol Group has also been awarded a 20% stake in phase 12.

Iran and Venezuela recently signed 11 memoranda of understanding (MOUs) during Venezuelan President Hugo Chavez's visit to Tehran.

The two countries will reportedly cooperate in oil and natural gas projects, establish a joint oil shipping company and jointly construct petrochemical plants.

10/28/2010