TEHRAN: Iran is dramatically increasing its natural gas export capacity in preparation for the lifting of international sanctions, President Hassan Rouhani said on Monday, as he courted foreign investment in the sector during a summit meeting in Tehran.

Addressing Russian President Vladimir Putin and leaders of seven other countries including Algeria, Nigeria and Venezuela, Rouhani told the Gas Exporting Countries Forum (GECF) that Iran was seeking international partnerships to develop its vast oil and gas reserves.

“I invite the leaders of the countries in this group to partner with Iran and invest in developing Iran’s gas resources for mutual benefit,” he said.

“Iran is ready to play a bigger role in the supply of gas.”

The Tehran meeting of the GECF — which also includes Bolivia, Egypt, Equatorial Guinea, Libya and the United Arab Emirates — comes a week before Iran is due to unveil model contracts for future oil and gas development.

The announcement, intended to lure back global energy companies, will be closely watched ahead of the expected lifting of economic sanctions against Iran. In return, Tehran agreed to long-term curbs on its nuclear programme in a landmark July deal with the so-called P5+1 powers.

Rouhani said Iran had been working for two years to increase its gas production capacity via pipelines to neighbouring countries or liquefied natural gas (LNG) shipments further afield.

Iran’s gas production more than doubled over a decade to 160.5 billion cubic metres in 2012, before the latest sanctions took full effect, and Rouhani said capacity would surge to more than 1 trillion cubic metres in another two years.

“The preparatory stages have been completed by the government so that the needed investments will be made,” he said.

“We believe that the situation will rapidly change with the recent agreements between Iran and the P5+1.”

The 12-member GECF claims to account for a combined 67 per cent of the world’s proven natural gas reserves.

Published in Dawn, November 24th, 2015