(MENAFN) According to an Iranian news agency, Tehran has put forward a proposal to establish a regional gas hub within the Shanghai Cooperation Organization (SCO) with the aim of bolstering energy security.
During a meeting of the SCO member states' Council of Heads of Government in Bishkek, Kyrgyzstan, Mohammad Mokhber, Iran's first vice president, expressed that this initiative would facilitate energy trade and exchange among the nine member countries, encompassing a wide range of energy resources such as fossil fuels, electricity, and renewables.
Furthermore, Mokhber discussed Iran's suggestion to create a fund designed for countries interested in jointly financing petrochemical projects. He also highlighted Iran's preparedness to provide engineering services and manufacture equipment for the oil, gas, and petrochemical sectors.
Iran, as a significant global oil and gas producer, has been actively pursuing the creation of a gas hub in collaboration with its Eurasian trade partners to fortify regional cooperation and strengthen its position within the global energy market, notably selling a substantial portion of its energy to Asian markets despite facing U.S. sanctions.
Notably, Iran elevated its status within the SCO in July, becoming the ninth full member after previously holding observer status in this Eurasian security and economic development bloc. The SCO, originally established as the Shanghai Five in the 1990s, included China, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
Subsequent expansions, including Uzbekistan in 2001 and the 2017 additions of India and Pakistan, prompted the organization to adopt its current name. Belarus also took a step toward membership by signing a memorandum of accession earlier this year.
Beyond these developments, Afghanistan and Mongolia currently possess observer status within the SCO, and more than a dozen nations are regarded as dialogue partners by the organization.
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