16 October 2016 - 09:09
Iran to export LNG to Europe

TEHRAN, Oct. 16 (MNA) – Deputy Iranian oil minister, while noting that Iran is not after rivalry with Russia in the European gas market, outlined LNG as Iran’s main policy in gas exports to Europe.

Hamid Reza Araghi, Managing Director of National Iranian Gas Company (NIGC), noted that Iran has defined plans to reach Europe’s gas market through liquefied natural gas (LNG) shipments and would not replace Russia who is using pipelines for gas delivery to Europe.

“As ordered by the Leader under the tenets of Resistance Economy, we need to boost exports in order to play a role in global trade arenas,” he continued.

The official underscored that Iran currently owns only one per cent of the global gas trade while the figure needs to reach a minimum of ten per cent; “in the meantime, Iran could launch collaborations with numerous countries and reach the European market through LNG.”

“Iran possesses its own gas market as neighbor states rely on Iranian natural gas,” highlighted Araghi reiterating that Iran does not seek to replace Russia in Europe’s gas market.

NIGC managing director emphasized that the country, for having the world’s largest gas reserves, enjoys excellent capacities for supplying neighbors’ gas demands though financial, political and technical issues need to be resolved over time.

“The volume of Iran’s natural gas production will increase from the current 600 million cubic meters per day to 1.26 billion cubic meters in four years’ time.”

Deputy Oil Minister Araghi further maintained that Iran’s gas recovery from South Pars joint field will equal Qatar in the coming year and the produced gas can be turned into value-added.

HA/3795826

News Code 120536

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