Iran finds large gas deposit in Caspian Sea

December 11th, 2011 - 9:24 pm ICT by IANS  

Moscow, Dec 11 (IANS/RIA Novosti) A large natural gas deposit with reserves of 50 trillion cubic feet , or over 1.40 trillion cubic metres was discovered in the Iranian part of the Caspian Sea, an Iranian TV reported quoting the country’s Oil Minister Rostam Qassemi Sunday.

Qassemi said that reserves of the new deposit at a depth of 700 metres exceeded a total volume of proven gas reserves of 11 trillion cubic feet in the country’s part of the Caspian Sea by almost 400 percent.

Iran’s gas reserves are the second largest in the world after Russia’s and amount to about 16 percent of the world reserves.

The coastlines of the Caspian are shared by Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan.

–IANS/RIA Novosti

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