Iran needs $100 billion to rebuild its gas industry and has met with European energy companies in this field.

“We welcome and appreciate investment by companies; we welcome new technology,” Azizollah Ramezani, international affairs director at National Iranian Gas Company told Bloomberg in an interview in Paris where he was to attend the World Gas Conference.

“During the last 18 months we have had many discussions with foreign companies.” Ramezani added.

The Iranian official said natural gas will be the main fuel in the next 20 to 30 years and will be the second most used fuel after oil.

Ramezani said Iran plans to increase gas exports seven-fold to 200 million cubic meters a day in four years. It wants to raise production to 1.2 billion cubic meters a day in five years, from 800 million now, he said.

Ramezani said Deputy Petroleum Minister Hamidreza Araqi had met with international companies on the sideline of the World Gas Conference.

“In Paris, we met a lot of companies and they were very eager to have negotiations,” Ramezani 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.