Background

Gazprom and Iran's Ministry of Petroleum signed the Memorandum of Understanding for strategic cooperation in developing Iranian gas fields with subsequent gas transportation and monetization.

National Iranian Oil Company (NIOC), a wholly-owned subsidiary of the Iranian Ministry of Petroleum, is focused on geological exploration, production, transportation and exports of crude oil, as well as geological exploration and production of natural gas.

Gazprom and NIOC signed the following documents:

• the Memorandum of Understanding for hydrocarbon prospecting, exploration and production within Iran;
• the Memorandum of Understanding for collaboration within the construction project for the Iran – Pakistan – India gas pipeline;
• the Memorandum of Understanding for developing a concept for a unified system of gas production, transmission and petrochemistry based in Iran.

Gazprom and Industrial Development & Renovation Organization of Iran, a state-owned subsidiary of Iran's Ministry of Industry, Mine & Trade, inked the Memorandum of Understanding for joint gas liquefaction projects slated to be implemented in third countries, as well as projects in the field of advanced gas processing and petrochemistry in the territory of Iran.

The first phase of the Iran LNG project provides for the construction of two gas liquefaction trains with the annual capacity of 5.25 million tons each. During the second phase, the facility's output will be increased to 21 million tons per year upon the construction of two additional process trains.

Iran LNG Сo. serves as the project operator, with National Iranian Oil Company and Oil Industry Pension, Saving and Staff Welfare Fund as the main shareholders.