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TEHRAN: Iran and Malaysia have signed an agreement to develop the two offshore gas fields of Ferdos and Golshan in the southeast of Iran.
The agreement was signed between the state-owned National Iranian Oil Company and Malaysia's SKS.
According to a state radio report, the Golshan gas field holds more than 1.425 trillion cubic metres of gas in place. Golshan is located 65 kilometres from Iran's shore.
The Ferdos field, located 85 kilometres from the Iranian coast, has estimated gas reserves of 285 billion cubic metres.
Iran's estimated gas reserves, the world's second largest after Russia, amount to more than 26 trillion cubic metres.
The country is in urgent need of developing its gas fields both to cover domestic consumption and fulfil its ambitious gas export plans for Europe and eastern Asia.
For the second year in a row, Iran has ran short of domestic gas supply in parts of the country and temporarily cut off its gas exports to Turkey in early days of 2007 due to a severe snap of cold weather. - AFP/so
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