Iran to Invest $450 mn in Gas Pipeline to Iraq

Iran is planning to invest $450 million a pipeline project that will supply natural gas to Iraq with a daily capacity of 25 million cubic meters of natural gas, media reports said citing managing director of Iran's Gas Engineering and Development Company.

Construction of the pipeline is likely to start in 2013 and will take five years to complete. Gas will be supplies to power plants in Iraq.

Iran has the second largest natural gas reserve. The country exported over 7.6 billion cubic meters of natural gas last year, which ended on March 19, up 10.5 percent compared with the same period last year.

Country’s natural gas production capacity stands at around 554 million cubic meters per day.