Mehr News Agency reported that Iranian Offshore Oil Company has finalized technical and financial details with a European company for the development of Lavan gas field in southern Iran.

Mr Mahmoud Zirakchianzadeh MD of IOOC said that an Iranian delegation will travel to Europe next month to conclude a contract with the European firm. The name of the European company has not been revealed. He said that "The Company has been authorized by its government to be in operation in Iran. It has prepared the master development plan of the Lavan gas field.

He added that there would be a potential for the exportation of up to four million tons of LNG to Europe annually after ongoing talks with the European company reached a conclusion.

Mr Zirakchianzadeh said earlier in April that the development of the gas field would require USD 3 billion to USD 6 billion investments but declined from naming the investor.

(Sourced from Mehr News Agency)