"We propose that gas be transferred from Azerbaijan and Turkmenistan to Iran and then be exported from there to Europe through Turkey. This is the most economical and cost-effective way of transferring gas to Europe” IRNA News Agency quoted Azizollah Ramezani, the international affairs director of National Iranian Gas Company (NIGC) as saying.

Ramezani said the plan for transferring gas to Europe through a Caspian Sea underwater pipeline is not economically feasible.

"Some European countries seek to receive Turkmenistan’s gas through the Caspian Sea. But we believe that this plan is not practical economically,” he reiterated.

The NIGC official also highlighted the regional countries’ capacities for exporting natural gas to Europe, saying the Islamic republic is reviewing the proposed plans in this regard.

"Regional countries have a great capacity which Europe can use to diversify its energy sources,” Ramezani said.

The European countries have sought alternative gas supplies to cut dependence on Russian gas exports amid rising tensions with Moscow over the crisis in Ukraine.

Russia provides 30 percent of Europe’s total gas demand through key pipelines on Ukrainian territory.