Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
SUNDAY, 20 APR 2014
07:43 PM Beirut time
Weather    
Beirut
23 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
Iran envoy elected to lead gas-producing bloc
Associated Press
Iraqi Prime Minister Nuri al-Maliki (L), Iranian President Mahmoud Ahmadinejad (3rd L), Trinidad and Tobago Minister of Energy and Energy Affairs  Kevin Ramnarine (4th L), Russian President Vladimir Putin (3rd R), Venezuelan President Nicolas Maduro (2nd R) and Bolivian President Evo Morales (R) attend a family photo session during the Gas Exporting Countries Forum at the Kremlin in  Moscow, on July 1, 2013.   AFP PHOTO / POOL / YURI KOCHETKOV
Iraqi Prime Minister Nuri al-Maliki (L), Iranian President Mahmoud Ahmadinejad (3rd L), Trinidad and Tobago Minister of Energy and Energy Affairs Kevin Ramnarine (4th L), Russian President Vladimir Putin (3rd R), Venezuelan President Nicolas Maduro (2nd R) and Bolivian President Evo Morales (R) attend a family photo session during the Gas Exporting Countries Forum at the Kremlin in Moscow, on July 1, 2013. AFP PHOTO / POOL / YURI KOCHETKOV
A+ A-

TEHRAN: A former head of Iran's central bank was elected Sunday to head a 13-nation bloc of gas-producing countries as Tehran looks beyond its sanctions-hit crude oil sales to bring in vital revenue and explore new energy markets.

Iran has looked to its vast natural gas reserves and refined petrochemical products to bypass U.S.-led sanctions over Tehran's nuclear program. The sanctions have concentrated on Iran's oil exports - cutting them in half over the past two years - and other measures such as blocking access to international banking networks.

Iran has sought to ease the sanctions through nuclear talks with world powers, which resumed last month amid groundbreaking diplomatic overtures between Washington and Tehran. The next round of negotiations is scheduled to begin Thursday.

The presidency of the Gas Exporting Countries Forum does not carry the same clout as leading the oil cartel OPEC because of intense rivalries and policy disagreements among its members. But it comes as Iran tries to retool its export economy. Iran has the world's second-biggest gas reserves after Russia, but has relatively small exports. It instead has concentrated on the massive domestic market.

A former central bank chief and veteran diplomat, Mohammad Hossein Adeli, was chosen as the group's president through 2015, Iranian state television reported. The bloc includes major gas exporters Russia and Qatar, as well as Oman and the United Arab Emirates. Other members are in Africa, the Caribbean and Latin America.

Iran produces some 550 million cubic meters of gas per day. Less than 10 percent is exported, mainly to neighboring Turkey and Armenia. Iran plans to export more gas to Iraq and Pakistan in the future.

 
Home Middle East
 
     
 
Iran
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Saturday April 19, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Why Israeli-Palestinian talks fail
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Echoes of 1914 characterize the Ukraine crisis
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS