Last Updated :
13 October 2009 at 12:50 IST
Iran, S.Korea sign natural gas deal
TEHRAN (Commodity Online) : In a significant move, Iran and South Korea on Monday signed a billion dollar agreement on refining natural gas.
The deal worth about $1.83 billion was signed by Iran’s state-owned Pars Gas and Oil Company and South Korea’s GS Company.
The project, to be completed in four years, will refine 3.9 billion square feet of natural gas per day to feed Iran's domestic consumption.
Iran is the world's second largest owner of natural gas resources but routinely struggles with gas shortages during winter because it lacks sufficient facilities to capture and distribute the gas to market.
Dozens of people died in rural areas because of lack of heating gas when a cold winter snap hit the country in 2007.
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