Iran has made it abundantly clear that it has no plans to sell shares in the country’s LNG scheme to foreign companies, according to Managing Director of National Iranian Gas Exports Company (NIGEC), Alireza Kameli, reported  Mehr News Agency Kameli dispelled previous reports citing another official who had claimed that NIGEC planned to sell at least 20% of its 49% shares in the Iran LNG project.

Kameli elaborated further by saying that Iran’s originally had three LNG production projects, two of which – Pars LNG and Persian LNG – were stalled due to sanctions. The third was still underway thanks to the contribution made by Iranian investors, Press TV. The company is seeking to complete the LNG project within three years.

Iran aims to raise its gas production to 1.2bcm/d in five years, up from the current 800mcm/d. With 34tcm of gas reserves, Iran owns the world’s largest natural gas deposits, but its share of the global trade in gas is less than 1%. Officials therefore hope to attract $40b in the gas industry now that sanctions are lifted.