Iran and Kuwait on Tuesday signed a deal for the export of 10 million cubic meters of gas per day, the official IRNA news agency reported.

According to the deal, which was inked in Isfahan by related officials of the two sides, Iran will start exporting 10 million cubic meters of gas per day as of late 2007.

"All points related to the agreement have been investigated and no problem is left unsolved, and the legal accord pertaining to the export will be drafted and compiled in a matter of few months," Iran's Oil Minister Bijan Namdar Zanganeh was quoted as saying at a press conference following the signing.

Zanganeh added that based on the current prices, the contract would earn the country more than seven billion dollars a year for a period of 25 years.

According to official statistics, Iran has 132 billion barrels of oil and 26,800 billion cubic meters of gas in proven reserves, both at the second in the global list.

Source: Xinhua