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Tuesday, 24 November 2015 11:18

Poland covets oil, gas prospects in Iran

Poland covets oil, gas prospects in Iran

Poland's state-run gas distributor PGNiG says it is examining oil and gas exploration and production opportunities in Iran ahead of the much-expected lifting of Western sanctions on Tehran.


"We are interested in the Iranian market and we are considering various business configurations there,” the Reuters news agency quoted PGNiG's CEO Mariusz Zawisza as saying.

“We have an office in Iran and are at the stage of examining that market," he added.

PGNiG is expecting capital expenditure of around $1.08 billion this year. Russia's Gazprom is the Polish company’s biggest gas supplier.

Iran is courting foreign investment in its oil and gas sector whose reserves combined are the world’s largest.

The country hosted leaders of gas exporting countries in a Tehran summit Monday to chart out the path forward for pricing and supplies.

Addressing the Gas Exporting Countries Forum (GECF), President Hassan Rouhani said Iran is seeking to double its gas production to 1.3 billion cubic meters (bcm) in the next two years.

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