Iran ready to establish gas networks in other countries

Business Materials 22 June 2015 17:24 (UTC +04:00)

Baku, Azerbaijan, June 22

By Fatih Karimov - Trend: Iran is ready to establish gas supply networks in other countries, said Hamid Reza Araqi, the managing director of the National Iranian Gas Company (NIGC).

All the items for supplying gas are currently manufactured by domestic industrial units, Iran 's Shana news agency quoted Araqi as saying June 22.

Iran is ready to design and expand gas networks in other countries and provide all their needed equipment, he noted.

In May, Araqi said that Iran has reached self-sufficiency in manufacturing all equipment required for the country's gas supply network. The country achieved the success this year, which is the fiftieth anniversary of the NIGC, he added.

Given that Iran sits on the world's largest gas reserves, the country's share of the world trade should rise to 10 percent from the currently one percent, the official noted.

Iran intends to enhance gas production by increasing foreign and domestic investment, especially in its South Pars gas field.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world's reserves, and approximately 18 billion barrels of condensate.

Edited by CN