Iran Invites Japan to Invest in LNG Industry

Iran has invited Japanese companies to invest in country’s LNG sector.

A high level Japanese delegation led by State Minister of Economy, Trade and Industry Daishiro Yamagiwa met with Oil Minister Bijan Namdar Zangeneh in Tehran late last week, reported Mehr News.

During the meeting Namdar Zangeneh underlined investment in Iran's LNG industry as one of opportunities of cooperation for Japan.

The visit is the first by a Japanese trade official to Iran in 14 years.

Iran has one of the biggest gas reserves in the world but due to sanctions the industry is extremely underexploited. Tehran’s gas exports are negligible as most of its output is consumed domestically. However, experts believe that all this could change in next few years and Iran could begin to exports substantial volumes of natural gas.  In a bid to revive LNG projects in the country Iran has been holding talks with number of energy firms in past few weeks.

Recently, Total’s Patrick Pouyanne told Russia’s Kommersant that the company is looking to work on LNG and oil projects in Iran.