TEHRAN Sep. (Shana)--Iran is to dip into the National Development Fund of Iran (NDFI) for financing an NGL project in the Kharg island, the head of Iranian Offshore Oil Company (IOOC) said.Saeed Hafezi said NDFI is to be tapped for 600 million dollars to serve the project which is forecasted to cost 1.2 billion dollars.
He said that the NGL plant, which is 45 percent complete, is to receive more facilities in the coming 18 months.
Natural gas liquids (NGLs) are hydrocarbonsin the same family of molecules as natural gas and crude oil, composed exclusively of carbon and hydrogen.
Ethane, propane, butane, isobutane, and pentane are all NGLs. There are many uses for NGLs, spanning nearly all sectors of the economy.
NGLs are used as inputs for petrochemical plants, burned for space heat and cooking, and blended into vehicle fuel. Higher crude oil prices have contributed to increased NGL prices and, in turn, provided incentives to drill in liquids-rich resources with significant NGL content.
By SHANA
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