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.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.