“We predict all phases of South Pars will be developed within the next 10 years,” Ali Vakili, the managing director of Iran's Pars Oil and Gas Company said.

He said more than $30 billion had been invested in various South Pars phases since the start of the last Iranian year (March 2008). “We predict that we need about $40 billion to complete the remaining phases.”

South Pars, the world's largest reservoir of gas, is shared by Iran and Qatar. The Iranian part is divided into 28 phases.

Iran is facing US and UN sanctions aimed to hinder foreign investments in the country. Washington also plans to increase its unilateral sanctions on Iran's energy sector.

In total, Iran has the world's second largest gas reserves, almost 16 percent of the world's total, but currently has no major net exports.

However, Asian economies are more active in Iran's energy sector as countries such as China, India and Turkey are seen less susceptible to international pressures.

PIN/MEHR