TEHRAN, Oct 03 (Shana) – Managing Director of National Iranian Gas Company Hamid-Reza Araqi says new gas swap contracts will be signed.

"We are seriously considering the gas swap contracts and to this effect, we are busy signing several contracts," said Araqi in the 26th Energy and Environment Committee session of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

He said gas constitutes 70 percent of the country's energy basket and the NIGC performance has always been ahead of its targets and annual budgets.

He noted that this year, five gas pressure stations will be operational.

He then commented on his recent meeting with the Turkmen officials and discussions for gas cooperation and said Iran had announced readiness in the event for meeting Turkmen government's gas shortage. "So, gas relations of Iran with the country are no longer out of need and emergency."

To the end of his remarks, Araqi said the LNG consumption inside the country is not economically justified and it can be put in the export basket of the country.

By SHANA