Iran on Way Toward Becoming Global Energy Superpower

With significant oil and gas reserves it would be very hard to ignore Tehran as a major, if not a global energy superpower in the long term, especially if Iran finances its energy projects properly, experts told Sputnik.

MOSCOW (Sputnik) Anastasia Levchenko — Iran possesses the world’s largest gas reserves of 34 trillion cubic meters and one of the largest oil reserves of 157.8 thousand million barrels, according to the experts of major global oil and gas company BP. At the same time, Tehran’s ability to affect the global energy markets was significantly limited by the international sanctions regime.

On Monday, Iranian President Hassan Rouhani said that Tehran was ready to increase the production and export of energy resources and to export them both to Asia and Europe after the lifting of the restrictions.

Alex Vatanka, analyst from the Middle East Institute told Sputnik that Tehran had the potential to become energy superpower, however its capabilities were significantly limited by the lack of foreign investments that would allow it to upgrade its facilities and to get to the export markets.

Paul Sullivan, a professor of economics at the National Defense University, told Sputnik that Iran had the possibility to increase the influence on global energy becoming a major competitor on the market of liquefied natural gas (LNG).

“Iran has massive natural gas reserves, especially offshore in a place called South Pars [natural gas field in the Persian Gulf  located at Iranian territorial waters]. However, it could take many years and many tens of billions of dollars to develop them and set up LNG export capacity that would be needed,” Sullivan said.

Full article: Iran on Way Toward Becoming Global Energy Superpower (Sputnik News)

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