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The EU Is Still Keen To Buy Iranian Gas Despite Nuclear Row.
The EU is keen to start buying natural gas from Iran to diversify supplies away from Russia, despite a European Commission freeze on Iran gas talks due to the international row on Tehran's nuclear ambitions. Iran is slated to pump between 7-10 BCM/year of gas to the EU from 2011 under the so-called Nabucco project, which is planned to have a pipeline running from the Turkish-Iranian border to Baumgarten, Austria.
Negotiations on this have been going off and on between the European Nabucco consortium and the state-owned National Iranian Gas Export Co. (NIGEC). There was to be an initial agreement for 3-5 BCM/year to be signed before end-2006. The Nabucco consortium belongs to five private European firms led by Austria's OMV, with Azerbaijan, Egypt and Iraq sketched in as other potential suppliers on top of Iran.
The pipe would bring in 31 BCM/year of natural gas, with 15 BCM siphoned off to Turkey, Bulgaria, Romania and Hungary and the rest sold across Europe via the Baumgarten hub. The EU has funded the Nabucco feasibility study and given verbal backing for the scheme but is not involved in the consortium's negotiations with individual suppliers. The Austrian government is giving more concrete support, by preparing legislation to give Nabucco exemptions from an EU law guaranteeing access to pipelines for third parties - such as other EU companies or countries. The exemption is set to give the consortium "exclusive rights" to run "a big part of the capacity only for their needs", an Austrian Economy Ministry official explains, adding that exclusivity is needed to help Nabucco secure bank loans for the 4.6 bn investment.
Iranian diplomats have indicated that the European commission shelved 2002 plans to sign a trade agreement and to open an energy co-operation office in Tehran, following the eruption of the International Atomic Energy Agency (IAEA) dispute on nuclear power in 2003. "They are quiet, not doing anything, not going ahead. They have put everything ...
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Source: HighBeam Research, The EU Is Still Keen To Buy Iranian Gas Despite Nuclear Row.