By Feb.-end

Iran, Oman to finalize gas pipeline project

(Saturday, February 11, 2017) 08:25

Bijan Zangeneh and his Omani counterpart held energy talks in Tehran on Tuesday

Iran and Oman signed on Tuesday an agreement, based on which the framework for building a gas pipeline intended to carry Iranian gas to the Sultanate will be finalized by the end of February.

In 2013 the two countries signed an agreement to supply gas to Oman through the new pipeline in a deal valued at $60 billion over 25 years.

The two sides have agreed to change the route of the planned undersea pipeline to avoid waters controlled by the United Arab Emirates, Mehr news agency quoted Iranian Oil Minister Bijan Namdar Zanganeh as saying after meeting his Omani counterpart Mohammed bin Hamad al-Rumhy in Tehran.

The new agreement was signed by the National Iranian Oil Company and Omani Ministry of Oil and Gas in the presence of Zanganeh and Al Rumhy.

Representatives from Anglo-Dutch Shell, France’s Total, Korea Gas Corp., Japan’s Mitsui, and Germany’s Uniper SE were also present.

Zanganeh said implementation of the project requires about $1.2 billion of investment.