Minister: Iran will export gas to neighboring countries in three years
Iran will start exporting natural gas to its neighboring countries in three years, IRNA news agency quoted Iranian Oil Minister Rostam Qasemi as saying, Trend agency reported.
Negotiations are also underway with the neighboring countries for exporting crude oil, he added.
Iran's annual gas production capacity will double in three years, reaching 1.4 billion cubic meters, he said.
He went on to say that despite global sanctions 70-80 percent of the equipment which is needed by the petrochemical industry is now manufactured inside the country.
On November 30, Qasemi said that the country has overcome the tough economic sanctions and the oil industry is heading toward development.
Many development projects are underway and is projected that $150 billion will be invested in the oil sector, he added.
By March 2015, natural gas production will reach 1.4 billion cubic meters from 600 million cubic meters, Qasemi said.
In July, Qasemi said that although the West has imposed sanctions on Iran's oil sector with the goal of toppling the Islamic establishment, the country's oil exports will never be halted because oil consuming countries need Iranian crude.
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