Iran's Gas Industry Could Attract $40bn Investment Post Sanctions

Iran’s gas industry could attract more than $40 billion in investments post sanctions, according to Hamid-Reza Araqi, managing director, National Iranian Gas Company (NIGC).

“Through establishment of logical relations in the post-sanctions era, Iran can export gas to the neighboring countries without any problem,” Hamid-Reza Araqi told state owned media outlet Shana on Thursday. “Iran enjoys such advantages as shortest route to gas markets, world’s largest gas production capacity, holding massive infra-structures to export gas to multiple destinations, and lowest investment costs.”

Earlier this year, Araqi said Iran has the potential to increase its daily gas exports from existing 80 million cubic meters daily to 300 mcm.

Iran introduced its new oil contracts in November in Tehran which will be followed by a conference in London in February next year.

Tehran is hoping to attract foreign firms to its hydrocarbon sector. Government hopes these foreign firms will bring latest technology, which could be gradually transferred to local companies.