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Iran self-sufficient in building gas turbo-compressors: Official

Press TV – January 24, 2013

An Iranian energy official says the Islamic Republic has become self-sufficient in building gas turbo-compressors and is now among six countries which manufacture the equipment.

Director for Research and Technology at the National Iranian Gas Company (NIGC) Saeed Pakseresht said gas turbo-compressors are high-tech equipment whose design and manufacture technology is monopolized by a handful of European and American companies.

He added that domestic manufacturers can now design and manufacture indigenous turbo-compressors for gas projects across Iran.

Prior to such achievement, Pakseresht pointed out, Iranian companies made certain parts of gas turbines by transferring technology from foreign companies, but they are currently capable of both designing and building the whole assembly in the country.

The NIGC official noted that the Iranian Oil Ministry signed an agreement with a domestic research center in March 2012, commissioning the center to indigenize and develop the technology necessary for design and manufacture of gas turbines with capacities ranging from 25 to 30 megawatts.

January 24, 2013 Posted by | Economics | , , , , , | 6 Comments

Egypt ex-minister sentenced to 15 years over Israel gas deal

Press TV – | June 28, 2012

An Egyptian court has sentenced the country’s former oil minister and a fugitive businessman to 15 years in prison each over selling natural gas to Israel at below-market rates.

The Cairo Criminal Court sentenced former oil minister, Sameh Fahmi, and fugitive businessman, Hussein Salem, to 15 years in prison each over the (Israel) gas deal,” a judicial source said on Thursday, AFP reported.

According to the source, five other former high-ranking oil and gas officials also received jail sentences ranging from three to 10 years on similar charges.

Salem, who fled to Spain after Egypt’s popular revolution in February 2011 that toppled his close friend and the country’s then dictator, Hosni Mubarak, was also sentenced in absentia in October 2011 to seven years in jail for profiteering.

Gas exports to Israel were launched in 2008 and came under heavy criticism at the time from Egypt’s then banned Muslim Brotherhood.

In December 2010, Israel signed a 20-year contract with Egypt worth more than $10 billion (7.4 billion euros) — much cheaper than global prices — to import Egyptian natural gas.

Egypt accounts for roughly 40 percent of Israel’s gas supplies.

June 28, 2012 Posted by | Corruption | , , , , | 1 Comment