Iran is likely to target liquefied natural gas (LNG) production with the backing of foreign investment as its extraction projects come on-stream, according to an executive at the National Iranian Gas Company.

“Converting natural gas to LNG with the help of foreign investment and exporting the fuel to the Far East is on the agenda,” said Behzad Babazadeh, in comments reported by state news agency IRNA.

Iran is targeting increasing its share of gas production to 10 per cent of the world’s total by 2025, he added. Its current share is around one per cent.

Iran currently has no functional LNG plant. Much of Iran’s 202.4 billion cubic metres of gas output is consumed domestically. Around 7.7 billion cubic metres is supplied to Turkey annually through a pipeline. Azerbaijan and Georgia also receive pipeline gas in exchange for supplying electricity to Iran. Plans are underway to extend pipeline supply to Georgia this year. Gas exports to Iraq also resumed this month.

Iran has been working on a plan to develop sophisticated mini-LNG plants with South Korean expertise to meet energy needs in remote parts of the country. The first plant could be commissioned in four years.

It was reported in February that France’s Total was interested in reviving Iran’s stalled LNG project at Tombak. The 10.8 million tonnes a-year facility near Assalouey was under construction when sanctions halted further development in 2012.

Following the lifting of nuclear-related sanctions in January 2016, Tehran has been wooing international energy companies to develop its oil and gas assets. It requires foreign expertise and investment to develop liquefaction facilities for export purposes.

An agreement with a Total-led consortium to develop phase 11 of South Pars, the world’s largest natural gas field is likely to be signed in a matter of weeks.

The French energy giant signed a $4.8bn preliminary agreement along with CNPC in November.