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Iran signs $16bn LNG agreement with Malaysia

Tehran: Iran and Malaysia have signed a $16 billion memorandum of understanding which will see the joint development of Iran's southern Golshan and Ferdos gas fields and the construction of liquid natural gas (LNG) processing plants.

"Development of the upstream section of the two gas fields will be implemented by Malaysia's SKS Ventures based on a buyback contract," Gholamhossein Nozari, head of National Iranian Oil Company (NIOC) told state television. 'Some $11bn will be spent on the LNG facilities, which will produce 20m tonnes of LNG, and $5 billion will be spent on upstream development. Another long-term 25-year contract is expected to be inked on the downstream section of the fields".

SKS and NIOC (pictured) would each have a 50% stake in the LNG, which is likely to be exported.  [10/01/07]

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