According to the National Iranian Oil Company (NIOC), the contracts cover the daily collection and sale of 295 million cubic feet of flare gas from Rag Sefid 1 and 2, Golkhari 3, Bibi Hakimeh 1 and 2, Bangestan-Kupal, Ahvaz 1, 3 and 4, Lali, Nargesi, and the Haft Shahidan and Zilayi production units. The signing ceremony will take place Saturday.

These projects are regarded as a successful model of genuine Iranian private-sector participation alongside foreign cooperation in technology transfer and sustainable oil industry development.

Estimates show that with an investment of about $800 million over a period of up to two years, 32 flare stacks will be extinguished, preventing the daily loss of more than 295 million cubic feet of gas.

The projects are expected to generate about $550 million in annual revenue, produce roughly 800,000 tons of gas condensates each year to feed petrochemical plants, and inject 200 million cubic feet of light gas per day into the national network — a move that will play a key role in meeting the country’s energy needs, especially during the colder months.