Governor of the Central Bank of Iran Stresses Support for Gas Industry Recovery
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Tehran Times
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Governor of the Central Bank of Iran Stresses Support for Gas Industry Recovery

During a visit to South Pars, the Governor of the Central Bank of Iran (CBI) emphasized the need to finance the restoration of damaged facilities and bring one-third of the country's gas production back online.

According to Mehr News Agency, citing the Central Bank's Public Relations Department, the Governor of the Central Bank, after visiting the Fourth Refinery of the South Pars gas complex, stated the full support of the Central Bank and the banking network regarding the repair and reconstruction of damaged infrastructure in the region. He noted that securing funds for the revival of these facilities is planned, as part of the country's production capacity became unavailable following hostile actions by the adversary.

Hemmati, noting that nearly a third of the country's gas production volume was shut down as a result of the enemy's attacks, stressed that the technical efforts of domestic specialists and personnel to restore these sections deserve recognition, and that the work is being carried out without the involvement of foreign equipment.

Recalling the support for projects from the banking system, this official added that financial and credit institutions have already provided necessary assistance, and the Central Bank and the country's banking system will provide any necessary support and ensure liquidity for the future revival of these facilities.

He expressed hope that accelerating repair work and connecting production capacities to the national grid will reduce gas supply problems in the country in the coming months.

Furthermore, Hemmati highly praised the attention of Governor Bushehr and the head of the parliamentary energy committee to the reconstruction of these vital facilities, calling the efforts of experts and personnel in the gas sector one of the factors strengthening the country's economic resilience. He also emphasized that the resilience and determination of the Iranian people and economic entities will not allow foreigners to bring the country to its knees.

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Iran calls on gas exporters to strengthen cooperation to ensure energy security
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Iran calls on gas exporters to strengthen cooperation to ensure energy security

At the 28th meeting of the Gas Exporting Countries Forum (GECF) in Moscow, the current Iranian Minister of Oil, Hamid Bovard, presented a broad strategic vision linking global energy security with regional stability, peace, critical infrastructure protection, and respect for national sovereignty.

On the occasion of the Forum's 25th anniversary, Bovard noted that the world's energy system is undergoing one of the most complex periods of geopolitical, economic, and technological transformation. He thanked Russia for hosting the meeting and expressed condolences to those who died in the recent war launched by the United States and the Zionist regime against Iran, including Ayatollah Khamenei, civilians, schoolchildren in Minabe, and athletes from Lamerd.

Bovard asserted that the recent energy crisis, caused by the imposed war, demonstrated that energy security extends beyond purely economic or technical issues. It is inextricably linked to peace, regional stability, infrastructure safety, and adherence to national sovereignty. He emphasized that the consequences of aggression can extend beyond the region, affecting global energy supply, economic growth, and development.

He criticized US military intervention in areas such as the Persian Gulf, as well as unilateral economic sanctions, stating that they not only target the legitimate rights and interests of Iran but also undermine trust, investment security, and the predictability of global energy markets. In Iran's view, achieving global energy security is impossible without guarantees for energy producers' security, respect for their sovereignty, sustainable investments, and effective international cooperation.

Bovard stated that GECF should become an even more important platform for convergence of views, dialogue, and practical cooperation among producing countries. He characterized the Eighth GECF Summit as a valuable opportunity to strengthen this approach and set a new horizon for strategic partnership. Although the Forum was founded in Tehran in 2001 and is entering a new institutional phase, Bovard noted that rapid global changes require members to maintain fundamental principles while restructuring priorities, tools, and cooperation mechanisms.

Iran's strategic goals include flexibility regarding global energy crises, strengthening the role of natural gas in the future energy balance, and expanding investment, management, and technological cooperation. Referring to the COVID-19 crisis in 2020 and geopolitical events of 2026, Bovard warned that global energy markets have become more vulnerable to unpredictable shocks. He called on GECF to enhance its capacity for early risk detection, crisis scenario analysis, and coordinated action.

He called for a review of the Forum's long-term strategy with an emphasis on strengthening the natural gas value chain. Natural gas, he said, will remain a key pillar of global energy security and economic development due to its reliability, abundance, operational flexibility, industrial application, and additional role in renewable energy development. According to the GECF Global Gas Outlook, global gas demand will increase by 31% by 2055, exceeding 5,400 billion cubic meters, and its share in the global energy balance will increase from approximately 23% to 26%.

Bovard proposed that the Secretariat, with the participation of members, develop a roadmap to increase the share of natural gas in the global energy balance to an ambitious 30%. This roadmap should be based on economic studies, long-term demand assessment, investment requirements, and environmental considerations. He also recommended that members adopt a coordinated approach, based on technical realities and common interests, to climate norms and mechanisms that could impose unbalanced restrictions on energy trade and investment, including the potential impact of the EU's Carbon Border Adjustment Mechanism.

He particularly stressed that vast underground reserves alone do not guarantee energy security. Converting gas resources into energy security requires timely investments, access to technologies, infrastructure development, and sustainable demand. The GECF forecast estimates that about $11.6 trillion in capital expenditures for extraction and $735 billion for transportation—over $12 trillion in total—will be needed to meet global needs by 2055. This necessitates creating a stable and predictable environment with appropriate financing mechanisms.

Bovard indicated that cooperation among members can focus on three areas: firstly, joint financing and investment mechanisms for gas projects using national, regional, and international financial institutions; secondly, technological cooperation, knowledge transfer, training, and joint projects at the extraction, transportation, and processing stages, where Iran possesses extensive experience; and thirdly, structured dialogue between producers and consumers to enhance demand security, reduce investment risks, and balance the interests of suppliers and consumers. The Secretariat can play a more active role in identifying opportunities, facilitating contacts between specialized institutions, and monitoring practical results.

As the initiator and main founder of GECF, Iran has consistently advocated for multilateral cooperation, mutual respect, and common opportunities for the sustainable development of the gas industry. Bovard reported that the 14th government, under the Seventh Development Plan, prioritizes cooperation with international energy organizations, especially GECF. Iran possesses the second-largest proven gas reserves in the world, along with a strategic geographical position and extensive technical, industrial, and human resources.

Despite decades of sanctions and imposed wars, Iran's annual gas production capacity has reached approximately 300 billion cubic meters, making it one of the world's top three producers. Natural gas accounts for about 70% of Iran's energy balance, and the gas pipeline covers about 95% of the population. Bovard stated that Iran is ready to share this experience through bilateral and multilateral cooperation, and to assist in developing joint projects and strengthening the capacity of GECF members.

He concluded that the future of the gas industry depends not only on reserves and production capacity but also on the quality of cooperation, political stability, and the ability to jointly respond to global challenges. On the occasion of the Forum's 25th anniversary, he believes an opportunity opens to begin a new chapter of effective cooperation, joint investment, and strategic convergence. He expressed confidence that the collective will and capabilities of the Secretariat can further strengthen GECF's role in the global energy dialogue, and hoped that the ministerial meeting and the Eighth Summit would reinforce solidarity and realize the common interests of gas producers and consumers.

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