Iran Inks $10 Billion Gas Deal with Iraq, Syria

Posted July 25th, 2011 at 8:25 am (UTC-5)
Leave a comment

Iran has signed a $10 billion deal with Iraq and Syria to export Iranian natural gas to Europe.

Iran’s state-run Press TV says oil ministers from the three countries inked the deal Monday to build a 5,000-kilometer pipeline to carry natural gas from Iran’s South Pars gas field.

The proposed pipeline will take three to five years to complete and would go through Iraq, Syria, Lebanon and the Mediterranean Sea.

Iran’s deputy oil minister told Iranian media the country’s gas production, already among the world’s largest, could double with new developments in the South Pars field.