National Iranian Oil Company's (NIOC) is holding negotiations with European and Asian gas firms to restart incomplete LNG projects, said a top official.

"Iran should turn to LNG exports as shipment of liquefied gas is less risky compared to piped exports and is more cost-effective for long-distance consignments," Gholamreza Manouchehri, deputy head for engineering and development affairs, was quoted as saying in an Iran Daily report, which cited Irna.

Russia, France, Romania, Lithuania and China have shown interest in the LNG projects, he added.

Manouchehri said that the ‘Iran LNG’ project has witnessed a progress of 60 per cent with $1.85 billion in investment before international sanctions were imposed. Talks are underway to complete it in two years at a total cost of $3-4 billion, he noted.