Iran has no problems securing investments to the tune of $120 billion to become the world's top exporter of liquefied natural gas within the next 12 years, Iran's English-language satellite channel Press TV reported Sunday, citing a senior oil official.
Iran "has no financing difficulties" and "has already secured $5 billion in financing for investment from its own resources, partners and banks," Press TV cited Ali Kheirandish, managing director of Iran LNG Co., as saying at a project finance conference in Abu Dhabi.
"Many financiers have come to us with very attractive offers and we expect a lot more banks to make offers," Press TV reported Kheirandish as saying.
Kheirandish added that the company expects to produce 80 million tons a year of LNG by 2020, according to Press TV.
"We could increase the level after that period but it will depend on the market and other conditions," Kheirandish said, Press TV reported.
According to Press TV, as much as 70% of Iran's LNG production would be sold to Asia and Europe under long-term supply contracts, with the rest of the world able to make purchases on the spot market.
Sulfur and condensates, stripped out from the gas, will be earmarked for India and the Far East, Press TV reported.
Iran holds the world's second-largest gas reserves after Russia.
However, Iran's LNG projects, like other hydrocarbon schemes in the country, are facing severe delays due to U.S. sanctions imposed on the country over its controversial nuclear energy program and escalating project cost.