The managing director of National Export Gas Company has said that Iran will invest in Europe's gas network.

Nosratollah Seyfi said the investment in exporting gas to Switzerland is worth 40 billion euros. He added that Iran and Switzerland have been holding negotiations on the construction of the pipeline for Switzerland to export Iran's gas. If this goes ahead, it will be a new achievement in investing in Europe's gas networks, he said.

According to Seyfi, the gas export agreement between Iran and the Swiss firm EGL calls for sending 5.5 billion cubic meters of gas to Switzerland through the Turkish pipeline and via Greece, Albania, and Italy.

Seyfi said the project will start in 2009. Exports to Switzerland will initially be 1 million cubic meters of gas but will ultimately reach a volume of 15 million cubic meters in 2016.

Between now and 2009, Iran will be making preparations to increase its production of gas and the Swiss side is duty-bound to construct the Trans Adriatic Pipeline (TAP) from Greece to Italy, Seyfi said.

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