The oil ministers of Iran, Iraq and Syria signed an agreement on July 25 approving the construction of a pipeline from the South Pars gas field off southern Iran, through Iraq and Syria to Europe, according to Iranian media sources.
The project will require an investment of some $10 billion and will be constructed within three years. The pipeline length will be over 1,500 km and will run from Assalouyeh, the closest land point to the South Pars gas field, to Damascus while passing through Iraq, with a transfer capacity of 110 million cubic meters of natural gas a day.
The South Pars gas field is the largest natural gas field in the world and holds estimated reserves of 16 trillion cubic meters of recoverable gas.