Iran welcomes investment in natural gas industry: president

Iranian President Hassan Rouhani said on Monday his country views environmentally-friendly energy resources as the way toward sustainable global development and welcomed investment in Iran's large natural gas fields.

He made the remarks at the opening session of the 3rd Gas Exporting Countries Forum (GECF) Summit.

GECF pools together the world's leading gas producers.

Committed to using clean energy resources, Iran has been trying to replace traditional fossil fuels with natural gas in recent years, with gas comprising 70 percent of Iran's current energy consumption, Rouhani said.

Despite the pressures and restrictions imposed on Iran over its nuclear program, Iran's use of clean energy sources has not been hampered, he said.

"We believe that Iran's recent nuclear agreement with the P5+1 will accelerate its development in this field," he added.

To this end, Iran's strategy is based on an increase in the production and exports of its natural gas, and his country invites enterprises to invest in its huge natural gas fields, he said.

Iran, one of the world's leading gas reserve holders, sits on over 33 trillion cubic meters of natural gas.

Currently, it is considering developing its exploration and extraction infrastructures, as well as building a large pipeline network connecting its massive South Pars gas field with Western clients.

Iran reached an agreement on its disputed nuclear program with major world powers on July 14, stipulating that Iran would check its nuclear program to a significant degree, in return for sanctions relief on both its energy and financial sectors.

During the ongoing GECF summit in Tehran, heads of states of member countries and international guest organizations are expected to discuss important issues including development levels, trends, and policies regarding energy in general and natural gas in particular.

Also during the GECF summit, member countries are expected to reaffirm their continued support of the forum's objectives.

Established as an international governmental organization, the GECF summit's primary objectives are increasing coordination levels and strengthening collaboration among member countries.

Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela constitute the forum's member countries.

Iraq, Kazakhstan, the Netherlands, Norway, Oman, Peru and Azerbaijan are observer members. Endit