Iran raises gas capacity to 300 bcm despite sanctions – president

Photo: Information portal of the President of Iran

BAKU, Azerbaijan, October 27. Despite years of sanctions against Iran, the country has increased its natural gas production capacity to 300 billion cubic meters, Iranian President Masoud Pezeshkian said.

According to the Iranian president’s news portal, the President made the announcement on Tuesday (October 27) at the 8th summit of the Gas Exporting Countries Forum (GECF) in Moscow.

"By increasing its natural gas production capacity, Iran has been able to maintain its position as the world’s third-largest natural gas producer," he said.

The Iranian president added that Iran is one of the leading countries in terms of natural gas consumption, accounting for 70% of its energy mix. Currently, 95% of Iran’s population uses natural gas.

Pezeshkian noted that Iran can significantly enhance its energy stability on a global scale, given its strategic location at the center of the world’s most important energy corridors. In addition to Iran’s existing gas sector potential, there are favorable opportunities for cooperation between the private sectors of the member countries of the Gas Exporting Countries Forum.

The president emphasized that foreign investors can confidently take advantage of the incentives offered in the oil, gas, and petrochemical sectors and benefit from Iran’s opportunities on a mutually beneficial basis.

“Developments in the global energy market are prompting gas-exporting countries to strengthen cooperation in the areas of strategic management and technical and engineering operations. In strategic management, greater attention should be paid to increasing the volume of natural gas trade at the regional and global levels and to market stability. In the technical and engineering sphere, the main task for member countries of the Gas Exporting Countries Forum is to develop joint investments in gas processing and distribution, from production through processing, transportation, and consumption,” he added.

Pezeshkian noted that, at the same time, cooperation should focus on improving technological capabilities to increase efficiency and reduce the negative environmental impact of production and consumption. In this regard, the existing potential of member countries can be transformed into projects of mutual interest, creating conditions for the effective implementation of the forum’s long-term strategy in line with long-term supply and demand trends.

“The U.S. imposition of sanctions and a naval and air blockade against Iran, as well as pressure on other countries to enforce this blockade, are considered illegal actions by Iran. This is because these actions seriously threaten the stability of energy markets,” he added.