Iran’s gas exports exceeded 8bcm last year

TEHRAN,April 18(MNA) - Iran exported an unprecedentedly high 8.2 billion cubic meters of natural gas last year, which ended on March 19, the deputy oil minister said. Javad Owji added that some 92 million cubic meters of gas was also supplied to major industrial units last year. Managing Director of the National Iranian Oil Company Ahmad Qalebani said in December 2011 that Iran's natural gas output would also rise 10 percent this year and is expected to increase by 20 percent year on year over the next four years. He added that the country's oil production capacity will hit 5.1 million barrels per day by March 2016. The official said that Iran's oil industry needs $36 billion in investment to implement its development projects in line with the Fifth Economic Development Plan (2010-2015). Iran is OPEC's second largest oil producer and the fourth largest crude oil exporter and has moved in recent years towards becoming a major exporter of refined products. The country holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.