POGC to bankroll floater deal as Pedco in limbo

 20 August 2010 01:20 GMT

iran’s state-owned Pars Oil & Gas Company (POGC) will be funding any contract finalised by Petroiran Development Company (Pedco) for a floating production, storage and offloading unit for the South Pars Oil Layer project, writes Vahe Petrossian.

Pedco has taken the lead in negotiating the FPSO deal because it was once responsible for the oil scheme, but it lost its lead role about five years ago and is now going through a privatisation process that may be aborted.

“Pedco does not have any provision in its budget for the planned purchase of the FPSO and the funding will come from POGC,” said a source in Tehran.

POGC, the state company in charge of nearly all gas resources in the Persian Gulf and the Salman oil and gas…

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