Iranian Oil Minister outlines Iran's role in ensuring energy security of Asia

Iran Materials 11 June 2007 13:30 (UTC +04:00)

( IRNA ) - Iranian Oil Minister Kazem Vaziri- Hamaneh said here Monday that despite all barriers created by certain powers, Tehran has always carried out its responsibilities in ensuring energy supply security, through constantly moving in that direction regardless of political and regional conflicts.

Addressing the 12th Annual Asia Oil and Gas Conference (AOGC) 2007, he stressed that the policies of the EU and Asian countries to diversify gas import sources are providing suitable grounds for Iran's attempts at developing its LNG and pipeline-gas markets in both continents.

"In fact, Iran's natural gas will be able to balance energy demand in both Asia and Europe," he emphasized.

Iran has finalized feasibility studies for 5 refining projects in five Asian countries with a total capacity of 1.1mb/d, he said adding, "Those are some of the cooperation opportunities which I hope will be supported and welcomed by Asian countries."

China and India are expected to be the coming 20 years' two major potential consumers providing new opportunities for oil and natural gas industries, the Iranian oil minister said.

"With due focus on those new markets, Iran is determined to save its oil markets both in Europe and Asia, each taking over 40 percent of Iran's oil exports," he further announced.

The conference kicked off with Malaysian Prime Minister Abdullah Ahmad Badawi officiating the inaugural ceremony this morning.