Azernews.Az

Thursday May 26 2022

Iran offers Turkey to invest in LNG projects

13 October 2016 17:25 (UTC+04:00)
Iran offers Turkey to invest in LNG projects

By Gunay Hasanova

The Iran Islamic Republic has offered Turkey to invest in its LNG projects.

Majid Bujarzadeh, the spokesman for National Iranian Gas Company, said that currently Iran exports 30 million cubic meters per day of gas to Turkey, and Tehran is ready to increase this volume, Daily Sabah reported.

Bujarzadeh said that Iran expands its infrastructure to be able to boost gas export to Turkey, while any rise in the volume depends on Turkey.

“If Ankara wants more gas, we are ready,” he said, mentioning that his country can evaluate the possibility of gas transit through Turkey to Europe.

Iran has a 10.4-million ton capacity LNG plant, construction of which is completed by 50 percent. The country had invested $2.5 billion in “Iran LNG” project during the last decade, but the project was suspended due to the international sanctions.

The sanctions on Iran were eliminated in January 2016. Iran had announced the final needed investment for the project would be around $5 billion last decade, but Tehran hasn’t revealed any concrete estimation about the current cost of Iran LNG plant.

Iran’s gas is supplied to Turkey via the Tabriz-Ankara pipeline, which has a capacity of 14 billion cubic meters per year.

In 2015, Iran reduced gas supply to Turkey by 12.3 percent to 7.83 billion cubic meters.

In January-May 2016, Iran exported 3.35 billion cubic meters of gas to Turkey, that is, 7 percent more than in the same period of 2015, according to Turkey’s Energy Market Regulatory Authority (EPDK).

Iran’s share of Turkey’s total gas import was 16.79 percent in January-May 2016. The growth in exports was possible due to the increased natural gas production at the South Pars field.

The trade turnover between Turkey and Iran amounted to $2.9 billion in 2016. The two countries’ trade turnover was $9.76 billion in 2015.

---

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

Follow us on Twitter @AzerNewsAz

Loading...
Latest View more