BAKU, Azerbaijan, March 17. Becoming a regional energy exchange hub is of great importance for the current Iranian government (in power since August 2024), said Iran’s First Vice President, Mohammad Reza Aref, Trend reports.
Speaking today at the inaugural meeting of the "Regional Energy Trade Strategic Headquarters" in Tehran, Aref emphasized that Iran's transformation into the region's energy exchange hub is being closely monitored by the government.
Arif pointed out that, according to Iran's five-year development plan, the country needs to hit the ground running to become an energy exchange hub. The rollout of this law will help nip energy shortages in the bud and keep industries from feeling the pinch due to energy scarcity.
To note, according to Iran's next five-year state program (2024-2029), the country is set to become an energy exchange hub. The plan includes the export of 4 billion cubic meters of gas annually, the import of 20 billion cubic meters of gas, the swapping of 200,000 barrels of crude oil and petroleum products daily with CIS countries, and the exchange of at least 20 billion kilowatt-hours of electricity with neighboring countries annually.
Additionally, the "Regional Energy Trade Strategic Headquarters" has been established based on this program. The headquarters includes the Minister of Foreign Affairs, the Minister of Oil, the Minister of Energy, and a member of the Energy Committee of Parliament. The goal of the headquarters is to prepare a regional energy policy roadmap and document based on the list of countries, and to make decisions on steps related to the export, import, and swapping of various energy commodities, including crude oil, petroleum products, gas, and electricity, within the framework of national laws.
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