Baku, Azerbaijan, Mar.4
By Fatih Karimov - Trend:
Iran has developed a plan to build its first gas refinery totally based on domestic expertise and technology, the Fars News Agency quoted National Iranian Gas Company's Technology Director, Saeed Pakseresht as saying on March 4.
All the requirements for building the refinery have been provided and feasibility studies completed, he added.
The refinery is projected to be established in three years' time, he noted.
Iran sits on the world's largest natural gas reserves. The country's estimated reserves are 33.6 trillion cubic meters, or 18 per cent of the world's total proven gas reserves.
However, the development rate of the country's gas projects is slow and gas accounts for a major share of Iran's energy consumption. Iranian Oil Miniser Bijan Namdar Zanganeh puts the figure at 70 per cent.
With 18 percent and 9.4 percent of the world's total proven gas and oil resources respectively, Iran ranks as the largest in gas and fourth in oil reserve holdings among all nations.
However inefficient projects, a huge domestic consumption and lack of technology and finance as well as imposed sanctions aimed at curbing its disputed nuclear program have diminished Iran's role in the energy markets.
Edited by S.M.