News

Iran's state television says four local companies have signed a $21
billion contract with the country to develop six phases of the giant
South Pars gas field.

The report Tuesday says the project will raise Iran's gas
production by 200 million cubic meters per day in three years.

Iran had warned international oil companies last month they would
be replaced by Iranian firms if they fail to move forward with the
project. Western oil companies have been wary of working in Iran because
of U.N sanctions over the country's nuclear program.

President Mahmoud Ahmadinejad says the projects will be financed
through domestic banks.

The report identified the local firms as Idro, PetroPars,
PetroPaydar and PetroSina.