The Iranian oil minister said the country’s oil and gas industry ranks first among the major gas exporting and producing countries in reducing flare gases.

According to The Iran Project,Speaking to reporters on the sidelines of a Cabinet meeting on Wednesday, Javad Owji pointed to the recent Gas Exporting Countries Forum (GECF) held in Algeria and said a comprehensive report was given at the forum on the situation of gas reserves and gas production among member states which supply 70 percent of the world gas.

According to the secretariat of the GECF, the average natural gas production growth stands at 2.5 percent, with Iran managing to register a 5% gas production growth, he added.

The next edition of the GECF will be held in Iran in November 2024, the oil minister revealed, adding that Iran presented its up- and downstream capabilities in the oil and gas industry at the Algeria forum.

In addition, Iran unveiled a new format of contracts in developing the country’s gas fields to attract foreign investors, Owji highlighted.

He further pointed out that Iran concluded good agreements with the member states of gas-exporting countries in the fields of exporting technical and engineering services, selling gas byproducts, developing gas fields, and developing gas pressure-boosting stations.