Gas Export to Europe to Become Economical With Lower Oil Price

TEHRAN, Jan. 09 (Shana) – In case the declining trend in oil prices continues, gas exports to Europe will become economical, said the director for international affairs of the National Iranian Gas Company (NIGC).

Azizollah Ramezani added, “Regional countries are Iran’s top gas export priorities. China and India have the potential to become favorite destinations for Iran’s gas.”

He said although Iran sits on the world’s largest natural gas reserves, it accounts for a small share of global gas exports. 

“We are required to increase our share by employing modern technologies. Although Iran’s gas reserves stand at 34 trillion cubic feet, the country’s production capacity amounts to 200 billion cubic meters per annum.”

He added that gas output capacity in Russia (33.2 trillion cubic feet) and the US (10 trillion cubic feet) is 800 billion cubic meters per year. 

“At present, LNG exports to Europe is highly economical. The US plans to send its LNG to Europe to reduce the continent’s reliance on Russia’s gas.”

Ramezani also said Russia is exporting gas to Europe through a 3,000-kilometer pipeline, adding Iran can also enter the continent’s gas market by laying such a pipeline. 

News ID 253053

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