Iran, Oman Gas Deal Could be Worth $60 bn

Gas supply deal signed between Iran and Oman has been valued at around $60 billion, according to Iranian Oil Minister Bijan Namdar Zanganeh.

Earlier this week, the two countries inked a deal under which Iran will supply gas to Oman for 25 years starting 2015.

Oman plants can produce up to 10.4 million tonnes of LNG a year but has not produced more than 8.8 million in the last five years and output fell to 8.4 million in 2012, Times of Oman said citing Oman LNG's latest annual report.

Construction of a gas pipeline under the Sea of Oman is also being considered.