Azerbaijan, Baku, May 23/Trend M. Moezzi
The Iranian Armed Forces Social Welfare Investment Organization (SATA) will team with the Khatam al-Owsia Headquarters to execute a big gas project.
The agreement is part of SATA's overall strategy to enter Iran's upstream oil and gas projects according to the organization's president, Hamid Reza Eskandari, Mehr news agency reports.
SATA owns the majority of shares in a number of large Iranian oil, gas and petrochemical companies including the Marun Petrochemical Complex, the North Drilling Company (NDC) and Pars Petrochemical Complex.
Last year, the Bushehr Petrochemical Complex was turned over to SATA.
Bushehr Petrochemical's operations include sweetening gas and producing methanol, polyethylene and ethylene.
This week, SATA signed a contract to develop the Band Karkheh oil field in the south-western city of Ahwaz. That contract is worth about
$1 billion.
The Iranian government has turned over shares of state-owned companies and complexes to SATA in lieu of the debt it owed to the pension fund.