The Iranian Offshore Oil Company (IOOC) has signed a deal worth 800 million Euros with an Iranian company to complete a number of IOOC projects.
The deal, signed on Sunday evening, concerns completion of the natural gas liquids (NGL) project at Khark Island, another project aimed at sweetening natural gas and separation of associated gases in Khark and Bahregan regions, and sale of items heavier than ethane.
Hamid Bovard, IOOC managing director, and Jalil Khebreh, head of the board of directors of Offshore Industries Company (SAFF Group) signed the deal.
The contract is the first document IOOC has signed for attraction of finances for completing its projects. All the finances in the deal will be supplied by domestic sources in the form of public–private partnership (PPP) arrangements up to 800 million Euros.
Once operational, the NGL project will supply 300 million cubic feet of products.
Natural gas liquids (NGLs) are hydrocarbons—in the same family of molecules as natural gas and crude oil, composed exclusively of carbon and hydrogen. Ethane, propane, butane, isobutane, and pentane are all NGLs.