The Khatam al-Anbia Construction Base signed a contract with the Iranian Oil Ministry on Saturday to carry out the project.
The pressure-boosting project aims to address pressure drops, maintain maximum gas production, reduce gas and gasoline imbalances, and prevent gas flow to Qatar from the shared gas field.
The major project encompasses engineering, procurement, construction, transportation, installation, and commissioning of pressure-boosting platforms.
Iranian President Masoud Pezeshkian and the managers of the oil industry attended a ceremony in Tehran to sign the contract.
This initiative will involve the construction and installation of 420,000 tons of equipment and structures —twice the current offshore capacity of the South Pars field— as well as the establishment of 600 kilometers of underwater pipelines, the president’s website reported.
In addition to creating at least 17,000 direct and 50,000 indirect jobs, the project is expected to enhance the know-how and capabilities of the Iranian companies and support domestic production.
An estimated investment of approximately $17 billion is expected for this project, with projected revenues reaching $780 billion by the Iranian year 1430 (2052).