Iran Discussing Deals to Export gas to Europe

Iran is currently holding negotiations for deals to transit natural gas to Europe, according to Deputy Oil Minister Mohsen Khojasteh-Mehr.

Iran can be the most reliable source of natural gas for Europe in the long term, the deputy oil minister for planning affairs told reporters at a press conference in Tehran on Sunday, Tehran Times reported.

Earlier this month, National Iranian Gas Company Managing Director Javad Owji said Iran and Turkey have agreed to transfer natural gas from Turkmenistan to Europe.

Daily gas production in Iran is about 600 million cubic meters, and this is projected to increase to 1.2 billion cubic meters in the future. According to the National Iranian Gas Company, the country's oil and natural gas reserves account for 10 percent and 16 percent of total world reserves, respectively.