Business | Oil & Gas
Iran seeks Arash partners
Iran, holder of the world's second-largest oil and gas reserves, offered to cooperate with Saudi Arabia and Kuwait to jointly develop the disputed Arash gas field, which spreads over the three Arabian Gulf nations.
- Bloomberg
- Published: 00:27 October 10, 2008
Tehran: Iran, holder of the world's second-largest oil and gas reserves, offered to cooperate with Saudi Arabia and Kuwait to jointly develop the disputed Arash gas field, which spreads over the three Arabian Gulf nations.
Iran has suggested the three countries cooperate on "investment, development and production and for the natural gas to be exported to Kuwait and Saudi Arabia," Mahmoud Zirak Chianzadeh, managing director of state-owned Falat Ghareh Oil Co, was quoted as saying by Shana.
It is the first time "cooperation instead of rivalry for the development of this field was discussed," Zirak Chianzadeh said, according to the news agency run by the Oil Ministry. In June, Iran announced plans to develop the offshore Arash oil and gas field despite it being subject to a maritime dispute with Kuwait. Iran owns half of the field, while Kuwait's share is more than 50 per cent.
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