Iran to sell shares to finance LNG project

Business Materials 25 January 2012 17:34 (UTC +04:00)

Azerbaijan, Baku, Jan. 25 / Trend F.Milad/

Managing director of Iran's Natural Gas Liquefying Company Ali Kheirandish said that a portion of the Iranian LNG Plant's shares will be sold as a means to finance building of the plant.

Ali Kheirandish told Mehr news agency that the construction of the Iranian LNG Plant has progressed by 55 percent.

Iran will start early production of liquefied natural gas (LNG) at the Iranian LNG Plant in southern Assalouyeh region within the next two years in a bid to give a boost to its LNG output and exports, Kheirandish said on January 17.

Some $1.5 billion has been allocated to the project, he told Mehr news agency, adding that the project is aimed to produce 10.8 million tons of LNG per year. Exporting the product will earn the country up to $20 million per day.

In October 2011, Kheirandish told Pana news agency that Iran plans to export 30 percent of its LNG output to Europe.

China and India will be the two major markets for Iranian LNG in the long term prospect, he added.