Petropars says phase 12 is still under negotiation with the client, Pars Oil & Gas Company (POGC), prior to being approved by the Higher Economic Council. Indian Oil Minister Mani Shankar Aiyar said in early February that IOC would submit its proposal by 28 February. The Indian company is likely to take a 40 per cent stake in the upstream development, with Petropars taking the remaining 60 per cent.

It is so far unclear whether IOC will also participate directly in the midstream development of an LNG liquefaction plant. NIGEC is in negotiations with both it and the UK's BGto come in as a partner on the project. The UK company has said it does not want to become involved in the upstream elements of the project.

A separate LNG project at a more advanced stage of negotiation is Pars LNG, under development by France's Totaland Malaysia's Petronas. That project has helped establish the principles for upstream and midstream integration of the project.