TEHRAN - Iran is in talks for exporting natural gas to a European country, the Fars News Agency reported, without naming the country.
Negotiations started in the early summer, but the talks stopped due to the international sanctions. Recently, the European country has called for resuming the talks.
Talks have also been conducted with some European banks to handle money transfer services.
The European country has voiced interest for importing 20-25 million cubic meters of Iranian gas per day. The two sides will hold talks in the next two months to finalize an agreement.
The new Iranian administration should focus on exporting natural gas as its trump card in regional and international relations, Iran’s ex-oil minister Gholamhossein Nozari has said.
The country should seriously plan to boost natural gas exports to its neighboring countries and even to Europe, he added.
"Considering the intensified international sanctions on the country's oil sector, the priority should be placed on the development of the gas industry as the country seeks a trump card in international diplomatic relations," he said.
Iran is currently producing 300 million cubic meters of gas per day from the South Pars field.
The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar. The field’s recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.
The South Pars field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves.
Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader