Iran signs gas deal with Syria & Iraq

Iran has signed a preliminary $10 billion (Dh36.72 billion) deal with Syria and Iraq to export its natural gas. State television said under the memorandum of understanding signed Monday by the three countries' oil ministers, a 5,000km pipeline will be built to carry gas from the giant South Pars field. The gas would be moved through Iraq, Syria, Lebanon and the Mediterranean, with Europe planned as the final export destination. Deputy Oil Minister Javad Owji said the field had enough reserves to feed exports for the next 80 years, at a rate of 250 million cubic metres per day. The project has been slated to take three to five years. Iran sits atop 28 trillion cubic metres of gas - the second largest reserves in the world.