Iran, South Korea sign €1.24 billion gas deal

Iran, South Korea sign

The report by IRNA said the state-owned Pars Gas and Oil Company and South Korean GS Company signed the €1.24 billion - about $1.83 billion - deal on Monday night. The project, to be completed in four years, will refine 3.9 billion square feet of natural gas per day to feed Iran's domestic consumption. Iran is the world's second largest owner of natural gas resources but routinely struggles with gas shortages during winter because it lacks sufficient facilities to capture and distribute the gas to market. Dozens of people died in rural areas because of lack of heating gas when a cold winter snap hit the country in 2007.