The European community could look to Iran as a reliable partner as it struggles to add a layer of security to its energy sector, Iran's trade minister said.
Trade Minister Mohammad Reza Nematzadeh said Monday that "Iran should be considered a reliable partner for natural gas supplies to Europe."
Iran has the second largest deposits of natural gas in the world, though the sector is undeveloped because of a lack of foreign investments.
Iran once touted its reserves as a viable source of natural gas for the so-called Southern Corridor, a network of gas transit sectors meant to break Russia's grip on the energy sector. Sanctions imposed on Iran for its controversial nuclear program meant that option was left on the sidelines.
Iran uses more than half of the natural gas it produces.
Russian energy company Gazprom said the supply of natural gas sent to Europe through Ukraine is in jeopardy because of Kiev's mounting gas debt. Europe relies on Russia for about a quarter of its gas, but most of that is sent through a Soviet-era transit network in Ukraine.
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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.