TEHRAN – South Korean major gas company Korea Gas Corporation (KOGAS) is considering importing natural gas from Iran, Korea Times reported on Thursday.

According to the report, the Asian country intends to diversify its import sources away from the Middle East and Africa. 

KOGAS also plans to explore opportunities to acquire gas field stakes in Iran and also in the U.S.

"Iran is rich in natural gas so we would like to work closely with both public and private energy companies there. But first we will weigh geopolitical risks associated with the Middle Eastern nation before making any business decisions," an official with KOGAS said.

Iran holds the world's largest gas reserves at 1,201 trillion cubic feet, followed by Russia with 1,140 and Qatar with 866.

Currently, KOGAS is involved in 24 natural gas exploration and development projects in 13 countries.

It holds a 10 percent stake in Mozambique's largest offshore field estimated to hold 85, or 1.92 billion tons of natural gas. The company also has stakes in multiple gas fields in Iraq, as well as jointly producing natural gas in waters off Myanmar with POSCO Daewoo.

It holds interests in gas fields in Oman and Qatar, bringing significant amounts of liquefied natural gas to South Korea.

EF/MA