Iran has announced that it needs $20b in investment, paid in $600m monthly installments, to launch the remaining phases of its South Pars Gas Field project in the Bushehr province, in order to be able to complete the development within the intended two years, reported Trade Arabia. This is in addition to the initially invested $6b.

The project, once completed, is estimated to raise Iran’s revenues by $40b, Fars News Agency informed. Tehran has recently completed the Phases 15 and 16 of the South Pars, which are meant to produce 50mcm/d of gas and 80,000b/d of gas condensates alone. The remaining phases are 22, 24, and 13, in addition to the construction of the Persian Gulf Star Refinery, which is expected to guarantee Iran’s self-sufficiency in gasoline production. It will allow the country to produce 360,000b/d of gas condensate and 60m liters of oil byproducts a day.

Petroleum Minister, Bijan Zangeneh, was quoted in a related report by Fars News Agency as saying that with the final removal of sanctions Iran could raise the finances through multiple means, such as the “new model of oil contracts, international and domestic monetary resources, and the stock exchange.”

The Iranian consortium in charge of the project is led by Khatam al-Anbiya Construction Headquarters. The inauguration ceremony for the Phases 15 and 16 was attended by the Petroleum Minister and Iran’s President Hassan Rouhani.