It is called the 'Islamic gas pipeline' as the 10-billion-dollar project would be the first agreement to export gas from Islamic countries to the West.Tehran (ANTARA News/IRNA-OANA) - Managing Director of the National Iranian Gas Company (NIGC) Javad Oji said on Thursday seven foreign investors have voiced the willingness to make investment in `Islamic gas pipeline.`
Oji underlined that the negotiations are underway with the foreign investors for construction of `Islamic gas pipeline` which transfer 110 million cubic meters of natural gas from Iran to Syria and Iraq per day.
He said financing of the project which export gas from Iran to Europe via Syria and Iraq would be held in the form of build-own-operate (BOO) and build-operate-transfer (BOT) basis.
BOT and BOO are forms of project financing, wherein a private entity receives a concession from the private or public sector to finance, design, construct, and operate a facility stated in the concession contract.
On July 25, an agreement was signed Monday by Iran, Iraq and Syria for construction of the `Islamic gas pipeline.`
It is called the 'Islamic gas pipeline' as the 10-billion-dollar project would be the first agreement to export gas from Islamic countries to the West.
Based on the agreement, Iran`s natural gas would be exported to Europe through Iraq, Syria and Lebanon via a 5,000 km pipeline.
The document was signed in Assalouyeh industrial region located in the southern province of Bushehr.
Iran has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves, ranking third in the world in oil reserves and second in gas reserves. (*)
Editor: Ella Syafputri
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