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Petropars, Pars Energy Economic Special Zone and Italy’s Interoil singed a Memorandum of Understanding (MoU).

The first document was singed for cooperation by and between Petropars, Pars Energy Economic Special Zone and Italy’s Interoil to carry out the feasibility study for development of South Pars 3.

In an interview with SHANA news agency, Mohammad-Javad Shams noting that an MoU was singed by and between Petropars, Pars Energy Economic Special Zone and Italy’s Interoil, as the investor, stated the MoU so singed is the first document ever signed for the development of an oil field which would include support of all activities and operations to be carried out for the exploration, onshore and offshore production and subsequently the phase which would comprise production and exportation of the products of South Pars 3.

According to Shams, the first step stipulated in the said MoU which was signed by Petropars, Pars Energy Economic Special Zone and Italy’s Interoil is to carry out the feasibility study for development of South Pars 3.

The Managing Director of Petropars referred to Interoil’s experiences in making investments for the construction of huge ports in Africa and commented that Interoil invited Petropars for cooperation and their presence in Iran. Subsequently, negotiations were held and the Free and Special Economic zones were studied which resulted in signing of the present MoU.

Shams further added, “Upon signing of the MoU, we have already stepped into the phase of carrying out the feasibility study for development of South Pars 3 an if the results of the feasibility studies prove positive, we will enter the main phase of making investments by Italy’s Interoil.”

He referred to the history of Interoil’s presence in Iran and said, “Italy’s Interoil cooperated with Petropars for development of Phase 12 and that is why they have chosen Petropars as their technical arm for development of South Pars 3.”