Iran has decided to boost natural gas exports to energy-hungry countries, including the European states.

The Iranian official also noted that the country is swapping its gas with American electricity, and has started gas swap with Azerbaijan too.

Iran’s South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. the North Dome, are in Qatar’s territorial waters.

The South Pars gas field holds 8 percent of total gas reserves of the world and half of the country’s proven gas reserves as well as is the host of the most important industrial complexes of the country and the most important part of oil industry’s value chain.