Iran has a capacity to attract $40 billion in its gas sector once sanctions against the country are lifted, managing director of the National Iranian Gas Company (NIGC), Hamidreza Araqi said.

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, Iran’s 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 gas markets, holding the largest gas reserves, and having suitable infrastructures for gas exports, 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.

About NIGC

The National Iranian Gas Company (NIGC) was established in 1965 as one of the four principal companies affiliated to the Ministry of Petroleum of the Islamic Republic of Iran.