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News number: 8809211464

16:18 | 2009-12-12

Economy

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Iran to Increase Investment in Gas Sector

TEHRAN (FNA)- Managing Director of the National Iranian Gas Export Company Seyed Reza Kasaeizadeh announced that Iran plans to boost investment by foreign states and the country's private sector to develop its gas exports.



"For the development of gas export of the country within the next decade, about 85 billion dollars would be invested," Kasaeizadeh said.

Kasaeizadeh underlined that Iran is eager to use both foreign investment as well as the capital of its own private sector to develop pending gas projects.

Iran is facing US and UN sanctions designed to hinder foreign investment in the country. Washington also plans to increase its unilateral sanctions on Iran's energy sector.

Iran has the world's second largest gas reserves, almost 16 percent of the world's total, but currently has no major net exports.

However, Asian economies are more active in Iran's energy sector since countries such as Malaysia, China, India and Turkey are seen as less susceptible to international pressures.

Last week, Malaysia's SKS Ventures made a proposal to invest $20 billion in two Iranian gas and oil fields in the Persian Gulf.

"Iran is discussing with Malaysia's SKS concerning its presence and investment in Iran's Golshan and Ferdowsi fields," head of the Pars Special Economic Energy Zone Mohammad Souri said on Tuesday.

The National Iranian Oil Company in 2007 signed a $20 billion memorandum of understanding (MoU) based on the buyback plan with Malaysia's SKS Ventures on the development of the two offshore gas and oil fields.