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Iran Could Supply Gas to Europe in Light of Russian Supply Concerns
May. 05, 2014 10:19AM PST
Oil and Gas InvestingThe UK Telegraph reported that Iran’s oil minister, Bijan Namdar Zanganeh, has stated that the country would be willing to supply gas to Europe if Russia answered recent sanctions from the U.S. and Europe with its own economic measures. According to the Telegraph, European countries have sufficient LNG stockpiles to last through any minor supply disruptions. However, the E.U. does not have many options in terms of long term alternate suppliers.
The UK Telegraph reported that Iran’s oil minister, Bijan Namdar Zanganeh, has stated that the country would be willing to supply gas to Europe if Russia answered recent sanctions from the U.S. and Europe with its own economic measures. According to the Telegraph, European countries have sufficient LNG stockpiles to last through any minor supply disruptions. However, the E.U. does not have many options in terms of long term alternate suppliers.
As quoted in the publication:
Energy supplies from Iran – holder of the world’s second-largest natural gas reserves – have been limited by sanctions aimed at curtailing its nuclear programme. However, a recent deal brokered by the US could see Tehran eventually re-emerge as a major global supplier at a time when markets are concerned about the reliability of Russia in the wake of the Ukraine crisis.