Iran Plans Hike in Gas Exports, Reduce Reliance on Oil

Iran is looking to increase its gas exports in order to reduce dependence on crude oil sales.

“By signing new deals to export gas to Turkey and Iraq, the capacity of Iran’s gas exports will increase from 35 million cubic meters to nearly 100 million cubic meters by next year,” the Iranian deputy oil minister Javad Owji was quoted as saying by Iranian news agencies.

Iran has world's second largest natural gas reserves after Russia and over the years has been trying to enhance its gas production by increasing foreign and domestic investment. 

The Central Asian nation has 137.6 billion barrels of proven oil reserves, and 29.61 trillion cubic meters of proven gas reserves.