Iran gas major creates four subsidiary firms

15 April 2008
The National Iranian Gas Company (NIGC) is to create four new companies to stimulate exploration and production, after receiving $1bn from Tehran’s Oil Stabilisation Fund in late 2007 to finance projects over the coming year.

The four new subsidiaries of NIGC are Gas-Khodro, Gas Transmission, Gas Storage and Iran Gas Trade.

NIGC, which is itself a subsidiary of the state-run National Iranian Oil Company (NIOC), has been stepping up activity in the last few months in a bid to attract international interest in the country’s struggling gas sector.

NIGC signed a 25-year natural gas purchase deal with Swiss firm EGL in early April estimated to be worth between $15-20bn.

The firm is also finalising a deal to supply natural gas to Bahrain at a rate of 1 billion cubic feet per day (cf/d) from 2010 which may eventually rise to as much as 2 billion cf/d.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.