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Iran said it needs tens of billions of dollars of investment in its natural gas sector, underscoring how it would struggle to ramp up production even if the U.S. lifts sanctions.
Iran holds the world’s biggest proven gas reserves after Russia. But it may be forced to import the fuel in the coming years, Oil Minister Javad Owji said.
“In the years ahead we must invest $80 billion,” he said in a speech on Tuesday, according to the Iranian Students’ News Agency. “In the absence of adequate investment we will be forced to import.”
Owji also said Iran needed to put more money into its oil refineries to ensure they continue meeting local demand for diesel and gasoline.
Talks Stall
Iran has been negotiating with world powers in Vienna over the past year to revive a 2015 nuclear deal, though the talks have stalled in the past month. That accord lifted sanctions in return for Tehran limiting its atomic activities.
Western oil and gas companies largely abandoned projects in Iran after former U.S. President Donald Trump quit the nuclear agreement and tightened sanctions on the country. Prior to the Trump-era, Iran had plans to build liquefied natural gas terminals, with a view to shipping cargoes to Europe. Last month, Iran revived those ambitions by inviting companies to submit proposals for the construction of mini-LNG units.
