| 01 Dec 2008 |
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Kuwait Gas Deal on Track
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Tehran has proposed to transfer 500,000 cubic feet of gas per day to Kuwait.
Iran and Kuwait have discussed a deal in this regard for over four years and Tehran has made its proposals.
According to Press TV, Iran has agreed to export gas to Kuwait via pipeline and the first phase of the deal is expected to be launched by 2011.
Iran along with Russia and Qatar have the world's largest natural gas reserves which amount to 56 percent, out of which Iran's share is 16 percent and Russia and Qatar possess 26 percent and 14 percent, respectively.
Iran wants to turn into a major player in the gas market and has proposed to develop a formal organization akin to the Organization of Petroleum Exporting CountriesOrganization of Petroleum Exporting Countries
.A number of major gas producers have already established the Gas Exporting Countries Forum (GECF), but have not yet adopted a charter. The group, which already includes Venezuela, Iran, Libya, the United Arab Emirates, Russia and other countries, lacks a strict membership system. Norway has observer status.
The member countries currently control about 73 percent of the world's gas reserves and 42 percent of its production.
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