Liquefied natural gas (LNG) is a colorless, clear, and non-toxic liquid formed when natural gas is cooled to -162?C (-260?F). The cooling procedure shrinks the gas’ volume by 600 times, rendering it safer and easier to ship and store. Furthermore, in its liquid state, LNG will not ignite.
Iran’s economy is characterized by its agricultural, hydrocarbon, as well as service sectors, in addition to a noticeable state presence within financial and manufacturing divisions. Moreover, the country ranks second globally in terms of natural gas reserves and ranks fourth for proven crude oil reserves. Besides, while Iran is relatively diversified for an oil-exporting country, government revenues and economic activity predominantly rely on oil revenues.
With the declining production of LNG in Europe, Iranian gas fields are the ideal solution. The country also holds significant potential in supplying natural gas in both onshore and offshore routes to Europe. As a result, on account of the surging demand, Iran has also proposed several projects, including Gas Fields- SP11 and SP20. Therefore, the aforementioned factors are anticipated to facilitate the LNG market growth in Iran.
Some of the leading firms operating in the market are National Iran Gas Corp, Kangan LNG, Iran LNG Corp, etc.