Moscow: A large natural gas deposit with reserves of 50 trillion cubic feet, or over 1.40 trillion cubic meters was discovered in the Iranian part of the Caspian Sea, a news channel reported quoting the country's Oil Minister Rostam Qassemi on Sunday.

Qassemi said that reserves of the new deposit at a depth of 700 meters exceeded a total volume of proven gas reserves of 11 trillion cubic feet in the country's part of the Caspian Sea by almost 400 percent.

Iran's gas reserves are the second largest in the world after Russia's and amount to about 16 percent of the world reserves.

The coastlines of the Caspian are shared by Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan.