Iran’s Oil Ministry said the country needs $19 billion (Dh69 billion) toward “unfinished” natural gas projects and aims to curb consumption amid insufficient funding.

“The maximum funding at hand for the gas sector is currently $3 billion
a year,” Oil Minister Masoud Mir-Kazemi said in a gas forum in Tehran
yesterday.

“Iran has difficulty in obtaining the required investment to develop
natural gas fields and there will be no new production field added in
the coming three years,” Mir-Kazemi was quoted as saying. “The need to
revise the country’s consumption model is ever more necessary.”

Iran’s plans to develop the South Pars natural gas field are delayed
due to UN economic sanctions that hamper investment in the country.

Source: Bloomberg

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