Iran plans to invest more than $120 billion in liquefied natural gas (LNG) to become the world's leading exporter of LNG within 12 years.
"Iran has already secured five billion dollars in financing for its investment from its own resources, partners and banks and has no financing difficulties," said Ali Kheirandish, Managing Director of Iran's LNG Company, during a Middle East project finance conference in Abu Dhabi.
"I can assure you that we do not have any problem or difficulty in securing financing for our projects because of the very good return and advantages from these projects. Many financiers have come to us with very attractive offers and we expect a lot more banks to make offers," Kheirandish added.
"Our forecast is to produce 80 million tons of LNG by 2020. We could increase the level after that period but it will depend on the market and other conditions," he continued.
Nearly 70 per cent of the LNG production would be sold to Asia and Europe under long-term supply contracts while the rest would be sold on the spot market. Condensates and sulphur will be marketed mainly in India and the Far East.
Kheirandish said he predicts a vast and growing market for LNG in the future, given ever growing gas consumption.
LNG is natural gas that has been converted to liquid form for ease of storage and transport.
... Payvand News - 05/31/08 ... --