TEHRAN - Iran has a capacity to attract $40 billion in its gas sector once sanctions against the country are lifted, said managing director of the National Iranian Gas Company Hamid-Reza Araqi.

There is the possibility for attracting more than $40 billion in BOO (build, own, operate) and BOT (build, operate, transfer) methods in the gas industry, the Shana news agency quoted Araqi as saying on Sunday.

By establishing logical and wise relations in the post-sanction era with the neighboring countries, we can easily export gas to the countries, he noted.

“Thanks to its strategic situation in the region and taking many advantages, including easy access to the international markets, holding the largest gas reserves, and having suitable infrastructures, the country can readily increase its international relations,” Araqi explained.

“In addition, we can turn natural gas into value-added products or inject it into oil wells in order to boost production and recovery rates,” he said.

Iran needs $100 billion to rebuild its gas industry and has met with European energy giants.

“We welcome and appreciate investment by companies; we welcome new technology,” Azizollah Ramezani, international affairs director at National Iranian Gas Company, said in June.

Ramezani said half of the $100 billion that Iran requires will need to come from foreign producers.