• Submitted by: manso
• Business and Economy
• 12 / 05 / 2010

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According to the contract terms of Iran LNG project, established with a 10 percent share of Venezuelan National Oil Company, Iran will start exporting LNG to Argentina and Cuba.

Ali Kheirandish, the managing director of Iran's LNG Company noted that South America will be one of the target markets for exporting Iran's natural gas and it will start exporting LNG to Argentina and Cuba.

Venezuela has a long term contract with Argentina and Cuba and has to supply these countries' required gas by 2013, he said. "With the agreements reached between Iran and Venezuela, the gas provided to Argentina and Cuba will be partly provided by Iran's LNG plant," he added.

Kheirandish noted that 40 percent of the construction for Iran's LNG plant has been completed and said: "50 percent of the project will be completed by the end of Iranian calendar year (March 2011) according to the timetable."

According to the Letter of Intent signed between Iran and Venezuela, an Iranian LNG plant will be established in Venezuela with an annual production capacity of 5.4 million metric tones of natural gas. Iran will also help Venezuela to build a LNG plant in Delta Caribe area, according to the LOI signed by the two countries' oil ministers.

Source: www.mojnews.com/en/Miscellaneous/ViewContents.aspx?Contract=cms_Contents...