The Islamic Republic of Iran is looking to increase its position in the global energy market.
Iran has recently proposed establishing a regional gas hub within the Shanghai Cooperation Organization (SCO) to ensure energy security, Fars news agency reported.
Speaking at a meeting of the Council of Heads of State of the SCO in the Kyrgyz capital Bishkek, Iran's First Vice President Mohammad Mokhber said the move would create more favorable conditions for the bloc's nine members to trade and exchange energy, including fossil fuels, electricity and renewable energy.
Mr. Mokhber also mentioned Tehran's proposal to set up a fund for countries to invest in and jointly finance petrochemical projects, emphasizing that the country is ready to provide technical services and manufacture equipment for the oil, gas and petrochemical sectors.
Iran is seeking to establish a gas hub in cooperation with its Asian and European trading partners to boost regional cooperation and boost its position in the global energy market, analysts say. Tehran is one of the world’s largest oil and gas producers, selling much of its energy to Asian markets despite US sanctions.
In July, Iran became the ninth full member of the SCO, upgrading from its previous status as an observer to the bloc.
Founded in the 1990s as the Shanghai Five, the SCO originally included China, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. Uzbekistan joined in 2001, leading to the name change. India and Pakistan joined in 2017.
Earlier this year, Belarus signed a memorandum of accession, a necessary step for an observer state to become an SCO member. In addition to Belarus, Afghanistan and Mongolia currently have observer status. More than a dozen other countries are considered dialogue partners by the SCO.
According to Tin Tuc newspaper