Iran has submitted a $1.7 billion proposal to develop a section of the second development phase of Azerbaijan's Shah Deniz natural gas field, the semi-official Mehr News Agency reports Saturday, citing Iran's deputy oil minister for international affairs.
"Iran has given a $1.7 billion proposal for the development of a section of the 2nd development phase of the Shah Deniz field to Azeri officials," Mehr cites Hossein Noghrehkar Shirazi as saying.
"We would like to have at least a 10% share in the development of the second phase of this field," he added, according to Mehr.
Noghrehkar Shirazi said the Islamic republic currently holds a 10% share in the first development phase of the Shah Deniz field, reports Mehr.
According to the senior Iranian energy official, a 10% share of the second development phase of the Shah Deniz field is worth roughly $7.1 billion, Mehr reports.