Bright future predicted for Iran’s energy market

.jwplayer{ display: inline-block; } TEHRAN, May 22 (MNA) – Secretary General of the Gas Exporting Countries Forum Yury Sentyrin said that Iran will witness a bright future in gas market due to having rich gas reserves in the world.

He pointed to the key role of Iran in the world market of gas and added, “Islamic Republic of Iran holds one of the largest natural gas resources in the world, so that Iran’s potential in producing gas has increased significantly in the global market.”

Turning to the entry of Iran to the Europe’s gas market and competing with Russia in this respect, he said, “it does not matter which country benefits from this lucrative market. We are after getting lion’s share of gas at the world market. Under such circumstances, member states should find their own consumers since this market is a competitive market.”

Gas Exporting Countries Forum is a newly-founded organization founded on Dec. 23, 2008, in order to coordinate global gas production and exports issue by Iran, Russia and Qatar as well as a number of other gas exporting countries.

The Forum accounts for about 70 percent of world’s gas resources, composed of more than 19 countries (12 main members and 7 observer states).

Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela and United Arab Emirates (UAE) are 12 main members of GECF while the Netherlands, Iraq, Kazakhstan, Oman, Peru and Republic of Azerbaijan are observer members of the Forum.

Iran’s gas is currently exported to neighboring Iraq and Turkey. About 30 million cubic meters of gas is sold by Iran to Turkey per day.

Under the 6th Five-Year Socioeconomic and Cultural Development Plan, Iran’s gas export volume will hit 200 million cubic meters per day.

Currently, neighboring countries are now prioritized as Iran’s gas export market but talks are underway for exporting gas to Europe through liquefied natural gas (LNG).

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