Zanganeh said on Monday that the increase in natural gas output would eliminate Iran's need to import the product from Turkmenistan.

Iran holds the second largest natural gas reserves in the world after Russia, with estimated 33 plus trillion cubic meters of extractable deposits.

The country distributes the gas it imports from Turkmenistan to its northeastern provinces, which are distant from Iran's southern gas-rich regions.

The Iranian oil minister, however, said that "although Iran does not need Turkmenistan's [natural] gas, economic and political ties with the country are of great importance to Iran."

He further called for the exports of goods and engineering services to Turkmenistan, adding that Iranian companies are currently capable of running projects worth USD 700 million to USD 1 billion.

Iran is Turkmenistan's second largest trade partner after Russia.