Spain has signed an agreement to export liquefied natural gas (LNG) from Iran’s South Pars gas field to Europe through Spanish terminals.
Iranian Oil Minister Bijan Zanganeh attended a meeting with Spain’s Industry, Energy and Tourism Minister Jose Manuel Soria, where it was announced that Spanish gas import terminals were ready to be used by Iran for its entry into the European gas market.
Zanganeh was quoted by Iranian Fars news agency as saying: "Negotiations between Iran and Spain will continue in this regard."
According to the agreement, Spain will be acting as a channel for Iran’s gas exports to Europe.
Iran presently lacks the ability to freeze its gas into LNG for exportation through tankers and has to depend on pipelines only.
The country is likely to take a couple of years to develop its LNG shipping capabilities, since multiple projects had been abandoned due to the Western energy sanctions.
Spain is willing to re-establish relations with the country after the energy sanctions were removed last month.
Zanganeh was quoted by Mehr news agency as saying: "In the meeting, we explained Iran’s facilities and programmes for development of oil, gas, and petrochemical industries to the Spanish companies and they expressed their interest to cooperate in these fields."
