FINANCIAL NEWS

Iran to construct USD450m gas pipeline to Iraq in 2013

06 May 2012

(MENAFN) Iran’s Gas Engineering and Development Company’s managing director, Alireza Gharibi, announced that starting 2013, Iranian companies will construct a USD450 million gas pipeline to Iraq, reported Tehran Times.

Gharibi said that the construction of the pipeline, which will have the capacity to transfer 25 million cubic meters of natural gas on a daily basis, will take 5 years.

On the other hand, he said that the country’s daily output capacity of natural gas stands at nearly 554 million cubic meters, adding that last year, Iran’s exports of natural gas grew to exceed 7.6 billion cubic meters.

It is worth noting that Iraq needs between 10 and 15 million cubic meters of Iranian gas each day.

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