Iran launches Mideast's largest LNG storage facility

Iran plans to boost its natural gas production by 200 million cubic meters until March 2016 in order to eliminate the need to import Turkmen gas.

Iran launches Mideast's largest LNG storage facility

World Bulletin/News Desk

Iran announced the launch of the Middle East's "largest" liquefied natural gas storage facility in country's northeast bordering Turkmenistan at an inauguration ceremony Sunday. 

The  liquefied natural gas (LNG) storage facility named "Shourijeh" can supply 4.8 billion cubic meters of natural gas and aims to reduce gas imports from Turkmenistan.

Iran plans to boost its natural gas production by 200 million cubic meters until March 2016 in order to eliminate the need to import Turkmen gas.

Turkmenistan supplies 5 percent of Iran's gas demand 

The facility will provide 20 million cubic meters of gas storage per day in winter and 10 million cubic meters of gas in summer, state news agency IRNA reported. In terms of volume, 20 million cubic meters of gas could fill roughly 80 thousands Olympic swimming pools. In comparison, 50 billion cubic meters of natural gas is slightly more than Turkey's entire annual consumption in 2012.

Seasonal natural gas supply shortages in winter occur in Iran mostly because of the delay of the South Pars project which is located in the Persian Gulf and shared with Iran and Qatar. Additionally, Iran's natural gas imports declined by 50 percent in 2012 compared with the previous year, reflecting that lower volumes are being imported from Turkmenistan because of U.S and EU sanctions on Iran's financial transactions. 

Iran is now the Middle East's leading country in terms of gas storage capacity. 

The country has the largest volume of trade exchange with Turkmenistan after Russia. Turkmenistan's main exports to Iran are oil and petrochemical products. 

Iran holds some of the world's largest deposits of natural gas with an estimated 33 trillion cubic meters of gas reserves, ranking fourth in the world for gas reserves, and the second-largest natural gas reserve storage facilities world-wide, according to the BP statistical review of world energy published in June 2014. 

 

Last Mod: 07 Eylül 2014, 15:48
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