Iran to Launch First LNG Plant

Iran LNG Company is set to launch its first LNG plant.

The first phase of the plant which is 65% complete includes a 1,100-megawatt power plant, storage facilities for LNG and liquefied petroleum gas (LPG) as well as offshore docks, Press TV reported citing a Mehr News Agency

Iran is likley to deliver its first consignment of LNG on international markets before March 2014. The plant is expected to cost almost $5 billion.

The plant would be able to produce 10.5 million tons per year of LNG, earning the country more than $20 million a day.

On March 26, Iran LNG Company (ILC) filed a lawsuit with an international tribunal against the European Union (EU) for its “unilateral and illogical” ban on Iran’s mainstream producer of liquefied natural gas.