Gazprom Could Participate in Iranian LNG Projects

Gazprom could take part in Iranian LNG projects once sanctions are lifted, said Russian firm’s deputy Chief Executive Officer Alexander Medvedev, reported Reuters Friday.

"Gazprom does not rule out its participation in these projects under certain conditions," Medvedev told reporters. "The sanctions should be lifted first."

In April, Iran and United States, the United Kingdom, Russia, Germany, France, China, the European Union reached an agreement on a framework deal for Iran nuclear activities. The deal is partial and preliminary and serves as a precursor to a full, comprehensive and detailed agreement due to be completed by end of this month that could result in sanctions being lifted.

However, experts are of the opinion that it would take a decade or more for Iran to become a major LNG exporter, Reuters said.

Gazprom was involved in developing Iran's South Pars gas project, but its participation was stalled because of sanctions. 

South Pars covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are situated in Qatar’s territorial waters.

The gas field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.