Jan 10, 2016, 11:35 AM
News Code: 81914407
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Gas exports to Europe economical with lower oil price

Tehran, Jan 10, IRNA - Gas exports to Europe will become economical if the downward trend in oil prices continues, said the director for international affairs of the National Iranian Gas Company (NIGC).

According to Shana News Agency, Azizollah Ramezani added, 'Regional countries are Iran’s top gas export priorities. China and India are also potentially preferred destinations for Iran’s gas.'

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

“We are required to increase our share by using modern technologies. Although Iran has 34 trillion cubic meters of gas reserves, its production capacity is 200 billion cubic meters per annum.'

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

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