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Iran will spend $6.8 billion on development projects in the gas sector this year, a senior energy official said on Saturday. Javad Oji, managing director of the National Iranian Gas Co, said on oil ministry website SHANA that the money would be spent on Iran's ninth trans-national gas pipeline further work on a second gas pipeline to neighbouring Turkmenistan, and expansion plans for the Ilam, Jam and Parsian refineries.
The new Iranian year begins on March 21. Analysts say Iran, one of the world's biggest energy producers, needs funds to help modernise and expand its oil and gas sector. International sanctions over its nuclear energy programme have hurt its economy and made Western companies wary of investing. Washington and its allies fear Tehran seeks nuclear weapons, Iran says it is enriching uranium for electricity only.

Copyright Reuters, 2010

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