Majid Chegeni made the remarks at a press conference held on the sidelines the 26th International Oil, Gas, Refining and Petrochemical Exhibition, also called Iran Oil Show, adding, The gas exports agreement with Iraq is to expire next year and we are preparing a new agreement through which both sides will assume certain commitments."

A memorandum of understanding (MoU) was signed with the Iraqi side a few weeks ago to increase gas exports to this country, he said, adding under the MoU, Iran's gas exports have increased and Iraq will pay its 1.6 million dollar debt to Iran by the end of May and NIGC would renegotiate the issue if it was not paid.

On the possibility of Iran’s gas exports to Europe, he said: “We are studying it but have yet to reach a conclusion. However, Iran always seeks development of energy diplomacy and expanding the market.”

In September, National Iranian Gas Company (NIGC) announced a decline in Iran’s natural gas exports to Iraq based on an agreement between the two sides.