Iran

Iran poised to launch first LNG plant

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Iran LNG Company (ILC) is set to launch its first liquefied natural gas (LNG) plant in defiance of European Union’s ban on the country’s energy sector.

According to a Friday report by Mehr news agency, the first phase of the plant (65-percent complete) includes a 1,100-megawatt power plant, storage facilities for LNG and liquefied petroleum gas (LPG) as well as offshore docks.
Iran is forecasted to deliver its first consignment of LNG on international markets before March 2014.
The capital investment needed for Iran’s first LNG plant is estimated at USD 5 billion. The facility would start its early production if half that sum is provided.
The plant would be able to produce 10.5 million tons per year of LNG, earning the country more than USD 20 million a day.
On March 26, Iran LNG Company (ILC) filed a lawsuit with an international tribunal against the European Union (EU) for its “unilateral and illogical” ban on Iran’s mainstream producer of liquefied natural gas.

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