South Korea to build gas plant in Iran
SEOUL, July 20 (Asia Pulse) - A South Korea's Samsung Heavy Industries
(KSE:10140) says it will build a US$200 million large-size marine gas production
plant for National Iranian Oil Company (NIOC).
The facility, to have a production capacity of 1 billion cubic metres
of gas and 40,000 barrels of crude oil, will be used for developing gas
and oilfields in the sea 100km south of the Persian Gulf.
The plant will be made in Samsung's Koje shipyard and set up at the
actual place by the second half of 2001.
Samsung has opened a letter of credit in a French bank and secured payment
guarantees to reduce financial risk in regard of the volatility of Iran
's credit rating, a Samsung official said.
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