Azerbaijan, Baku, May 22/Trend M. Moezzi
The National Iranian Gas Company (NIGC) will expand it gas storage capacity to more than 14 billion cubic meters to ensure supplies meet domestic and export demands.
Increased storage will help Iran respond quickly to spikes in demand for natural gas during the winter months, Shana news agency reports.
The deadline for creating greater natural gas storage capacity is the end of Iran's Fifth Five-year Socio Economic Development Plan (2011-2015).
Based on standard formulas, countries with natural gas holdings should reserve 13.7 per cent of the gas they use every year. Iran's estimated annual gas consumption of 107 billion cubic meters means it should have 14 billion cubic meters of gas in storage.
A depleted hydrocarbon reserve in Qom Province's Sarajeh field is being readied to hold the country's surplus natural gas stores. Qom is south of the Tehran Province.
Iran holds the world's second largest supply of natural gas with more than 16 per cent of the fuel's reserves.