UK has opted Iran as its main focus in oil, gas and petrochemical planning, according to a report published by Britain’s Export Credits Guarantees Department (ECGD).
In its annual review, the ECGD announced continued focus on major Project Finance Business and opportunities in Iran, Kazakhstan and Latin America, with Iran as 'the major focus'.
According to the 127-page report, which covers the functions of the British Secretary of State for Trade and Industry, the ECGD will continue to support major structured finance transactions with the National Iranian Petrochemical Company (NPC) and the National Iranian Oil Company (NIOC).
The department’s top agenda is the conclusion of the large South Pars 9 and 10 projects, which will increase Iran’s production of LPG and gas condensate.
ECDG has estimated the overall value of the project to be in the region of $75 million.
The reports also said: “ECGD continues to support business in Iran under the pre-underwritten limits set for NPC. These allow ECGD to process smaller contracts (up to around $25 million) with a faster, simpler service without complex structured finance arrangements.
The report came amid reports by the Thursday edition of the Iranian daily Hamshahri, revealing the completion of the second unit of the first phase of South Pars gas field.
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