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Date: Saturday, September 15, 2012
Iran raises reward and fine for South Pars contractors to $75m

Iran's Oil Minister Rostam Qasemi has raised both the reward and the fine for private contractors working on the giant South Pars gas-condensate field by $25 million to $75 million, Moj news agency reported.

Several months ago, National Iranian Oil Company (NIOC) said it would impose a $50 million monthly fine on the companies operating on South Pars if they work slow.

On the other hand, the companies will receive a reward of $50 million if they manage to complete all the eight phases of the 35-month South Pars project under the existing contract on time. Thus far, 27 monthshave gone by.

Iran and Qatar share the South Pars gas field. The Iranian portion of the deposit, which is divided into 29 phases, holds about 14 trillion cubic meters of gas, or about eight per cent of the world's total reserves.

Qatar began work on South Pars ten years before Iran and has stepped up development of the field, while Iran has suffered setbacks from international sanctions and technical and financial obstacles.


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