Iran pioneers natural gas bank in ME
While much of the world is concerned about Iran’s nuclear ambitions, Iran is moving ahead quickly with other energy alternatives. Very soon Iran will open up the first major natural gas storage facility in the Middle East. The Iranian government announced it is ready to officially dedicate the grand unveiling of an underground natural gas storage facility just south of the nation’s capitol of Tehran.
This natural gas storage unit is a monumental achievement for Iran, but will also mark the first major storage facility in all of the Middle East. This new development will have the ability to provide over four million cubic meters of natural gas into the nation’s natural gas network. The National Iranian Central Oil Company noted that the storage would consist of nine deep wells ready to receive and store approximately 1.5 billion cubic meters in the summer and 4.5 billion in the winter. The natural gas company also said they want to further their gas storage by making use of underground salt domes near the city of Qom. While using old salt mines or domes has been used for oil in some regions of the world, this would be the first of its type to exist in the Middle East for natural gas.
While Iran has a good supply of oil and natural gas, they are also researching the ability to create nuclear energy. However, many nations are leery to believe Iran’s nuclear ambitions are for noble reasons. Israel’s Deputy Foreign Minister, Danny Ayalon recently told a radio news program that talks with Iran were essentially over and he insinuated that Israel was considering a preemptive attack on Iran’s nuclear fuel production sites. While Israel does agree that the sanctions put on Iran have hurt their economy, their mission for nuclear capability has not slowed down whatsoever.
Whatever Israel decides to do on Iran, there is no doubt that an attack would lead to horrific and cataclysmic economic effect on the world market. The world’s economy has been hurting since the market crash in 2008, and more talks of war in the Middle East would only hasten a worsening world economy.