We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sat 6 Mar 2010 05:05 PM

Font Size

- Aa +

Iran wants joint development of gas field with Kuwait

Iran proposes the two OPEC states can tie up to develop disputed Arash natural gas field.

Iran has proposed to Kuwait that the two OPEC countries together develop the disputed Arash natural gas field in the Gulf, a senior official was quoted as saying on Saturday.

"Iran has proposed that development, investment, production and management ... be done on a joint basis by the parties involved," said Mahmoud Zirakchianzadeh, head of the state Offshore Oil Company.

Kuwait was expected to "accept Iran's idea of joint development of the field," he said, according to the Oil Ministry website SHANA.

Zirakchianzadeh added: "The Iran Offshore Oil Company has raised the proposal of 'partnership instead of competition' for the development of this (Arash) as well as other joint hydrocarbon fields."

Kuwait and Iran dispute the ownership of Arash, but Iranian state media last November said the two countries called for "cooperation in connection to the resolution of the continental shelf issue."

Kuwait, a Sunni-led U.S. ally, and predominantly Shi'ite Iran, a long-time foe of Washington, are both members of the Organization of the Petroleum Exporting Countries (OPEC). (Reuters)

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.