TEHRAN -- Oil Minister Bijan Namdar Zangeneh said here Monday that Iran's Oil Ministry welcomes ventures with foreign bidders for dev elopment of gas conversion technology, IRNA reported.

Zangeneh told the 12th International Oil, Gas and Petrochemicals Forum that his ministry is keen to develop the gas-to-liquid (GTL) technology given its environmental friendly feature and variety of by-products.

He said Iran has been successful in its drive to develop the GTL technology in cooperation with two foreign firms, including the Norwegian Statoil company.

He added that Oil Ministry has been investing in the project for oxide coupling of methane (OCM) to afford further petrochemical output and slash the cost on ethylene production.

He said Iran has undertaken joint venture with Japanese National Oil Company on the project.

He added that his ministry plans to implement the dimethyle ether (DME) project, expecting the product would turn into a substitute for diesel and liquefied gas fuels.

Some 1,500 Iranian and foreign firms are taking part in the two-day 12th International Oil, Gas and Petrochemicals Forum. Seventy experts from Norway, Denmark, the Netherlands, Qatar, Germany, Britain, Japan and South Africa are participating in the meeting.