NIOC: Iran to Join LNG Exporters Club in 2 Years
TEHRAN (Tasnim) – Iran’s deputy oil minister and managing director of the National Iranian Oil Company (NIOC) on Monday announced that the country plans to officially join the LNG Exporters Club.
Rokneddin Javadi said on Monday that Iran will join the LNG club in the next two years after establishing new LNG production units instead of constructing pipelines, Marine Link reported.
He added that economic calculations reveal LNG production is more economically efficient given the market's current state.
Javadi further said that setting up of LNG production units requires advanced technology and big investment, adding, “Accordingly, we have begun negotiations with countries possessing technology of gas liquefaction and production of LNG units.”
"Once sanctions are fully lifted, the project can establish Iran as one of the LNG exporting states with a production capacity of 10.5 million tons of liquefied natural gas per annum," he continued.
Iran currently produces about 175 billion cubic meters of gas a year. It has seen domestic consumption rise 66% in recent years, making the country the world's fourth biggest gas consumer after the US, Russia and China.