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IFCO Pushing for Energy Management Projects

IFCO Pushing for Energy Management ProjectsIFCO Pushing for Energy Management Projects

Negotiations are underway with Japan and South Korea to implement new energy management projects in Iran.

Nasrollah Seifi, managing director of the Iranian Fuel Conservation Company, made the statement at the Seventh International Conference on Vehicle, Alternative Fuel and CNG in Tehran on Monday.

"IFCO has been holding talks with several Japanese, South Korean and European companies" to curb the alarming trend of energy consumption in the Persian Gulf country, Seifi was quoted as saying by Mehr News Agency.

According to the official, energy consumption in Iran is four times higher than the global average and nearly eight times worse than the most energy-efficient countries.

"Energy conservation and management programs have a huge potential for attracting foreign investment in the post-sanctions period," he said.

Seifi added that the profligate use of energy in power plants and transportation, industrial, commercial and domestic sectors is one of the main reasons for exacerbating pollution in the Persian Gulf country. He added that Japan has posted the lowest level of energy consumption in the world over the past eight years, but the UK is currently the leading energy-efficient nation.

Officials blame heavy subsidies on energy items, dilapidated equipment and a consumerist culture for the overuse of energy sources in Iran.

IFCO is promoting compressed natural gas as a clean alternative to polluting fuels such as gasoline and diesel as part of an initiative to reduce pollution.

CNG makes up less than 10% of fuel consumption in the transport sector nationwide, but plans call for improving the proportion to 20%.

Financialtribune.com