Tehran, PIN, 26/04/2010

TEHRAN (Shana):Pars Oil and Gas Company (POGC) managing director says a contract to develop South Pars gas field phases 27 and 28 will be signed next week noting that a final decision will be made concerning all the other phases this Iranian year ending on 21 March 2011.

Replying to media questions on the sidelines of the 15th international oil show in Tehran, Mr. Vakili said that a contract to develop South Pars phases 27 and 28 will be signed with the Iranian company Petropars in the presence of the media representatives.

Concerning phases 13 and 14, Mr.Vakili remarked that the final round of talks are underway with Shell and Repsol companies and it is predicted a final decision would be made in next days.

Elsewhere in his remarks, POGC managing director said the company has the authorization to issue 3 billion euro bonds to develop South Pars gas field that would be issued soon.

Managing director of the Pars Oil and Gas Company (POGC) said: the petroleum minister has focused his efforts on providing financial resources for oil and gas projects.

Noting that financial resources gained from offering 250 million euro bonds late last Iranian year (early March) have been invested in the South Pars phases 15 – 18, Mr.Vakili said that the remaining 750 euro bonds from the first installment will be released soon. He reiterated that the new funds also will be allocated to the South Pars phases 15 to 18.

Stating that 40 percent of this year domestic investments have allocated to South pars gas field, POGC managing director predicted that the project would be able to absorb up to 5 billion dollars through domestic resources.

The first installment of a €1 billion bond offered on 10 March faced widespread welcome and was sold the same day.