Page 15 - GLNG Week 36 2022

GLNG MIDDLE EAST GLNG

Energy markets track Iranian-

Russian plan to dominate

global LNG supply

IMPORTS ENERGY markets are watching for progress, or would be drawn from the recent $40bn Gaz-
otherwise, with a plan outlined by Iranian and prom-National Iranian Oil Company (NIOC)
Russian officials to work their way towards Iran oil and gas deal signed as a memorandum of
and Russia achieving dominance on the global understanding (MoU). Iran and Russia, mean-
liquefied natural gas (LNG) market, with a while, are continuing with efforts to bring Qatar
planned refining and export hub on Iran’s Gulf firmly into their planned ‘Gas OPEC’ alliance.
of Oman (Indian Ocean) island of Kish being key Iran holds the second largest gas reserves in
to the ambition. the world (33.8 trillion cubic metres), and Russia
Iran’s Petroleum Minister, Javad Owji, has the largest (48 tcm).
increasingly identified Kish, located off the NIOC says Kish will source growing amounts
south-western coastal province of Hormuzgan of gas from the North Pars gas field (1.67 tcm of
near the entrance to the Persian Gulf, as criti- reserves) and South Pars gas field (14 tcm of
cal in the project, given the Indian Ocean offers reserves), plus from other gas fields.
direct access both East and West. If Iran can move into a new sanctions-free
Developing the LNG project at Kish, also era, work on establishing floating LNG (FLNG)
increasingly important to Iran’s high-value pet- terminals (FLNGs), with storage and re-gasifica-
rochemical production plans, could cost around tion facilities, especially in and around continen-
$25bn, according to briefings given to Iranian tal Europe, would also be stepped up. ™
media by Owji. Much of the required finance

Week 36 09•September•2022 www. NEWSBASE .com P15