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Iran benefits from integration of trade along Silk Road: survey

Xinhua, February 7, 2016 Adjust font size:

The Islamic Republic of Iran is expected to gain the most from the growing integration of trades within the Asia continent, according to a survey published by Dubai-based consultancy Gulf Intelligence here on Sunday.

According to the survey, 34 percent of respondents to a Gulf Intelligence Industry Survey of 250 energy professionals operating in the Middle East said said Iran will benefit the most from the greater integration of commodity-related trades in South Asia on the back of the China's One Belt and One Road initiative, a strategic development scheme to increase bilateral trade and infrastructure investments within Eurasia.

The historic China-Iran trade relationship is also regaining momentum following the lifting of sanctions, with the two countries signing a 10-year deal on January 24 to boost bilateral trade worth up to 600 billion U.S. dollars, said Gulf Intelligence.

The study said further the lifting of sanctions on Iran on January 17 will have a far-reaching impact on both political and energy dynamics within South Asia and the wider Silk Road, which stretches from Beijing to Lagos.

"Iran is highly ambitious about its plans to utilize its vast oil and gas resources, with the Oil Minister Bijan Namdar Zangeneh saying the country can bring as much as one million barrels a day of oil to the global market by the end of 2016,"said the analysis.

The announcements reveal Tehran's confidence in their growing energy network within South Asia and the Gulf countries, although 500,000 barrels a day of oil is a more likely target.

Iran still needs significant investments to improve its energy infrastructure after years of sanctions mean must has been unused.

Iran is especially keen to leverage its position as the owner of the world's second largest gas reserves, which includes the giant South Pars field.

A sanctions-free Iran means the oft-delayed plans to build a 2,700km gas pipeline stretching from the South Pars field, through Pakistan to India's New Delhi may gain traction this year. Endit