Turkey is to invest $3.5 billion to $4 billion in Iran's South Pars gas field, Iran's government-controlled news network Press TV reports on its Web site Tuesday, citing an Iranian Oil Ministry official.
"The investment [by Turkey] will be made in phases 6 and 7 of South Pars gas field," Ibrahim Radafzoun, deputy oil minister for planning, is quoted as saying.
Iran and Turkey are to discuss Turkey's investment during the visit of Turkish Prime Minister Recep Tayyip Erdogan, who arrived in Tehran late Monday.
The South Pars gas field is estimated to hold about 14 trillion cubic meters of gas, or about 8% of total world reserves.