Iranian deputy petroleum minister has said that 14 domestic consortia have voiced readiness to finance the construction of a pipeline that will transport natural gas from Iran to its western neighboring Iraq.
Hamidreza Araqi, who is also managing director of the National Iranian Gas Company, said the groups of companies have already received the necessary documents related to the investment in the project, and should offer their qualifications by the set deadline, according to NIGC.
He added that the company qualifications will be later reviewed by NIGC, and companies capable of financing up to $1.5 billion will be declared eligible.
Araqi further noted that a total of $500 million is needed in order to start the project, adding that any interested party holding such a capital will be able to initiate the work and fulfill their obligations within the next two years.
He pointed out that the investment will be gradually recouped once Iran starts pumping natural gas to Iraq, and upgrades the delivery.
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Image: NIGC