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Iran to export Turkmenistan's gas to Europe

Oil&Gas Materials 9 July 2011 14:49
Iran plans to export part of gas imported from Turkmenistan to Europe after the development of northeast gas fields, Managing Director of Iranian Central Oil Field Co Mehdi Fakouri said.

Azerbaijan, Baku, July 9 /Trend/

Iran plans to export part of gas imported from Turkmenistan to Europe after the development of northeast gas fields, Managing Director of Iranian Central Oil Field Co Mehdi Fakouri said, Fars News Agency reported.

"Currently part of gas imported from Turkmenistan is exported to Europe in some seasons through pipeline routes in Turkey," he told. "However, Iran plans to use Turkmen gas as a future source of gas for export to Europe."

Apart from Turkey's pipeline route Iran plans to export gas to Europe via two other pipelines routes and by developing six gas fields in northeast of the country provides energy sources.

The company produces 65 percent of Iran's natural gas production. The country has 570 kilometer long joint border with northern neighbors.

Despite western sanctions Iran produces 167,000 barrels of crude oil per day, 335 million cubic meters gas and 92,000 barrels of gas condensates.

Iran, which is the world's second largest reserves of gas and third in oil reserves, is facing US sanctions over its nuclear program.

The U.S. Congress approved financial sanctions against Iran in 2010, which imposes strict conditions for foreign investors and financial firms and prevents them to invest more than $20 million in Iran oil and gas industries.

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