Tehran has announced that it has laid foundation for a subsea pipeline to export natural gas to Oman following reports that the route for the pipeline has been finalized jointly by Iranian and Omani experts, Press TV informed.

The 400-km pipeline is expected to pump 28mcm of gas for 15 years from Iran to Oman, reported Trade Arabia. The pipeline will extend 200 km over land, while a seabed section between Iran and Sohar Port in Oman will stretch for another 200 km.

In addition, Fars News Agency reported that Iranian Offshore Engineering and Construction Company (IOEC) will finish studies over the offshore section of the project by September 2016. The project is expected to be operational by the end of 2017.

Reports also added that a South Korean company has announced readiness to fund and implemnet the offshore part of the pipeline project. In mid-March, Korea Gas Corporation (KOGAS) was reported to be looking into Iran-Oman gas pipeline project which experts say requires an investment of at least $1.5b.

Previously, Iran had signed a contract to export gas to Oman in 2013 with the value of the contract estimated at $60b for the duration of 25 years. The current development therefore suggests that the project could materialize Tehran’s ambitions to restore its gas market position and sell liquefied natural gas (LNG) to overseas markets.