One of the newly announced projects that Statoil plans to undertake in Iran is the costruction of a USD 1.1 billion (NOK 10 billion) facility to transform natural gas into liquid petroleum products.
Statoil has already invested some USD 42.5 million (NOK 400 million) on research into such technologies, whose final products range from tar to aircraft fuel. Now the work will continue in conjunction with the Iranian state oil company, NIOC. A pilot project may take place in Norway, with the main facility to be in operatiion in Iran within 6 years. "Such technology is of great interest and strategic importance for all countries with large gas structures that are located some distance from their markets," said Statoil's international development chief, Richard Hubbard, in an interview with Stavanger Aftenblad.