IRAN & RAQ: GAS AFTER CRISIS
Iran expected to start its gas exports to Iraq in early 2015, should the terrorist activities stop in that country, Deputy Oil Minister for International Affairs Ali Majedi said on Tuesday.
Speaking to IRNA, he noted that Tehran hopes to start its gas exports to Iraq after restoration of security in that country.
Iraq has been facing serious crisis since the terrorist group of Daesh, also known as the Islamic State of Iraq and Syria (ISIS) invaded the country earlier this month.
Commenting on the negative impacts of Daesh terrorists presence in Iraq on the process of Iranˈs gas exports to that country, Majedi expressed hope that Iraq crisis will end soon.
Construction of the Iranian part of a the gas pipeline to Iraq has witnessed progress and Iran hopes the pipeline will become operational in the next Iranian calendar year (to begin on March 21, 2015), the official added.
Some 80km of the 100-km-long gas pipeline to Iraq has been completed. The pipeline starts from Chahar Meleh village in the Western province of Ilam and ends in Naft Shahr at the Iran-Iraq border.
After the completion of the project, Iran can export five million cubic meters of natural gas to Iraq in the first phase which will increase to 10mcm in next stages.
On July 21, 2013, Iranian and Iraqi oil ministers signed the first deal to transfer Iranˈs natural gas to two Iraqi power plants.
The project is aimed at supplying Al-Baghdad and Al-Mansouriyah power plants in Iraq with 25 million cubic meters per day of natural gas.
Iran says the new exports will earn the country nearly $3.7bln a year. Despite being one of the largest exporters of oil, Iraq needs Iran to fill the shortage of natural gas.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.