The Public Relations Department of the state-run company said the phases have made 81.7% progress in offshore and 45.7% progress in onshore sectors. The two phases are supposed to come on stream in the first half of the Iranian calendar year starting March 2005. Phases 4 and 5 are developed under joint venture deals - Petropars and NaftIran Intertrade Company hold 20% each and Italian Agip holds 60%. They will offer 50 million cubic meters of refined gas, 80,000 barrels of gas condensates, 400 tons of sulfur, more than one million tons of liquefied petroleum gas and one million ton of ethane per annum upon completion. Phases 6,7 and 8 have also made 88.8 progress (till Nov 21, 2003). They are supposed to deliver gas to Aghajari Oil Field. The much-delayed Phase 1 of the massive gas field will be completed by March 2004. The contract for the project was first awarded to Petropars, a quasi-private company registered in the British Virgin Islands, in 1998. Since then, it has suffered a number of delays and financing difficulties. Once completed, Phase 1 is expected to produce per day about 28.3 million cubic meters (one billion cubic feet) of gas for domestic consumption and 40, 000 barrels of condensate and 200 tons of sulfur for export. ENI is the operator of Phases 4 and 5 with a 60 percent stake while Petropars and state-owned NaftIran Intertrade Company each have a 20 percent share. The contract, which has been valued at 3.8 billion dollars including capital costs, finance charges and remuneration, was signed in 2000 with a target of producing gas from September 2004. The South Pars field in the Persian Gulf has been divided into 25 phases. Iran sits on the world's second largest proven gas reserves after Russia.