Iran expecting Russian investments in gas sector

Iran expecting Russian investments in gas sector
by Daniel J. Graeber
Tehran (UPI) Jul 9, 2013

Iraqi Oil Ministry says it's dedicated to security
Baghdad (UPI) Jul 9, 2013 - The Iraqi Ministry of Oil said Wednesday it was dedicated to providing a safe environment for international companies working in the oil sector.

Sunni-led militants have declared an Islamist state in part of northwestern Iraq and have threatened to push south into the predominately Shiite areas of the country.

Iraqi Oil Minister Abdul Karim Luaibi said the government was dedicated to supplying the ideal safe environment for international companies working in Iraq.

"Work in oil refining facilities and oil fields is normal and the ministry has supplied the extra protection needed for those locations by coordinating with security authorities and energy officials," he said in a statement.

The U.S. Energy Information Administration said violence in Iraq has not reduced the availability of Iraqi oil on the global export market. Nevertheless, EIA said there was a degree of uncertainty in the Iraqi oil sector because of the Sunni insurgency.

EIA said it reduced its production growth forecast from Iraq by 300,000 barrels per day.

Southern Iraq produces around 2.8 million bpd and the semiautonomous Kurdish north produces about 200,000 bpd.

Iran's deputy minister for gas affairs said Wednesday he was expecting Russia to start investing in the Iranian natural gas industry.

Deputy Minister for Gas Affairs Hamid-Reza Araqi said Russian companies may be interested in building natural gas pipelines in Iran.

Both sides, he said, "are determined to boost their cooperation" in the gas industry.

Iranian and Russian officials met in April to discuss upgrading Iran's power plants and electrical transmission lines.

The U.S. State Department has said direct energy cooperation between Iran and Russia "would be of concern."

Iran is under pressure for its controversial nuclear program, while the U.S. government and its allies have expressed frustration with Russia's stance on geopolitical issues in Syria and Ukraine.

Both sides already work together in the nuclear sector, with Russia supplying fuel for Iran's Bushehr nuclear facility.

Iran last year said it would to bring more foreign investors into its energy sector.

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