NIGC welcomes investment in gas projects

The Islamic Republic of Iran is ready to enter talks with foreign investors under new contract terms, National Iranian Gas Company (NIGC) chief Hamid Reza Araqi said. Speaking to Shana, the NIGC chief said "huge reserves of natural gas in Iran are reliable sources for securing investments in the country". "When the unfair sanctions are lifted it will be in the benefit of those countries needing gas to make investment in gas production and construction of gas pipelines as well as related facilities in their own countries for importing supplies," he said. He said a special committee has been set up by the Iranian oil minister to revise the framework of the contract to provide proper investment opportunities for foreign investors, while securing Iran's national interests. "If political pressures against Iran are removed, the country will become an attractive market for foreign investment especially Europe due to its huge gas reserves," the NIGC managing director said. Elsewhere in his remarks, he said, "Iran, Russian and Qatar sit atop the largest gas reserves, an issue that lay the ground for cooperation in subjects like fair gas prices and expanding cooperation with consuming and transit countries." Referring to opening of 15th ministerial meeting of GECF on 3rd of November in Tehran, Araqi said the conference is important mainly due to presence of Bijan Zanganeh at the helm of Iran’s ministry of petroleum and holding the conference in Iran as the holder of largest gas reserves in the world [according to the latest BP report]. "In view of pricing, gas market is not yet a mature ones and therefore GECF can bring stability to the market through setting long term pricing mechanisms," he added. On development of shale gas and its impact on gas markets, Araqi said the newcomer is mainly a threat to LNG market.