Azernews.Az

By Gunay Hasanova

Iran has presented three projects on construction of main pipelines IGAT 6, 9 and 11, passing through the territory of the Islamic Republic, a spokesman for the National Iranian Gas Company, Majid Buzharzade said at the World Energy Congress 2016 in Istanbul on October 10.

The projects worth $ 12 billion will be implemented by both foreign and local companies, with which agreements in the fields of operation, engineering, procurement, and construction will be concluded.

IGAT 6 and 9 are designed to export gas from South Pars fields to Iraq and Turkey respectively, while IGAT 11 should increase the flow of gas from the South Pars to the north-east of the country.

In addition to the pipeline projects, Iran also presented the projects on construction of gas storage facilities, refineries, and mini-LNG, Shana quoted Buzharzade as saying.

The removal of the international sanctions opened new opportunities for Iran to boost its long stagnated energy industry.

Being the fourth country in the world for the volume of proven oil reserves, Iran was producing over 4 million barrels of oil per day before sanctions were ratcheted up in 2012.

The country expanded its cooperation with foreign companies following lifting of sanctions, while production went from 2.8 mbd up to 3.5 mbd.

Moreover, Iran is one of the leading members of OPEC (Organization of Petroleum Exporting Countries) and Organization of Gas Exporting Countries (GECF). Natural gas and oil consumption both account for about half of Iran’s domestic energy consumption.

Iran eyes boosting gas production from the current 700 million cubic meters per day to above 1.3 billion cubic meters per day by 2020-2021 which will enable the country to export 200 million cubic meters of natural gas per day.

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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova

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