Iran eyes new gas hub in cooperation with Russia, Qatar, Turkmenistan

By Al Mayadeen English
Source: Agencies
7 Jun 2023 12:53

Iran seeks to construct a new gas hub in the industrial zone on the Gulf coast in cooperation with Russia, Qatar, and Turkmenistan.

This March 16, 2019 file photo, shows a natural gas refinery at the South Pars gas field on the northern coast of the Gulf, in Asaluyeh, Iran (AP)

Iran intends to construct a gas hub in the industrial zone on the Gulf coast, according to a statement made by Iranian Petroleum Minister Javad Owji on Wednesday.

The new gas hub would be constructed in Asaluyeh, located in the southern Iranian province of Bushehr, in collaboration with Russia, Turkmenistan, and Qatar.

ISNA reported Owji saying that "[Iran,] with 33 trillion cubic meters of recoverable gas reserves, ranks second in the world in terms of reserves of this resource," adding "We are striving to turn the Persian Gulf and Asaluyeh into a gas hub, with the assistance of Russia, Turkmenistan and Qatar."

OPEC to welcome Iran’s return to oil market when sanctions lifted

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) told the Iranian oil ministry's website SHANA on Monday that OPEC will welcome Iran's full return to the oil market when sanctions are lifted. It is worth noting that Iran is an OPEC member, although its oil exports are subject to US sanctions aimed at curbing Tehran's nuclear program.

Secretary General Haitham Al Ghais added that Iran has the capacity to bring on significant production volumes within a short period of time. "We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I’m sure there will be good work together, in synchronization, to ensure that the market will remain balanced as OPEC has continued to do over the past many years," SHANA's English-language website cited him as saying.

Regarding OPEC’s voluntary production cut and its effect on oil prices, Ghais said, "In OPEC...we don’t target a certain price level. All our actions, all our decisions are made in order to have a good balance between global oil demand and global oil supply."

According to Reuters' calculations, Saudi Arabia and other members of OPEC+, which comprises OPEC and allies including Russia, announced in early April further oil output cuts of around 1.2 million barrels per day, bringing the total volume of cuts by OPEC+ to 3.66 million barrels per day.