Oil and gas pipelines projects in Middle East: Iran, Irak, Syria axis to target the European market.
Press TV quoted Mr Rostam Qassemi oil minister of Iran as saying that Iran is expected to start exporting natural gas to Iraq by the end next year (to start March 21st 2013) upon the completion of the Iran Iraq gas pipeline project.
In 2011, oil ministers of Iran, Iraq and Syria agreed to construct a pipeline that transfers natural gas from Iran to Europe. Under the deal, natural gas from Iran’s South Pars gas field, Bushehr province, will be pumped through Iran, Iraq and Syria to Lebanon and the Mediterranean Sea before reaching Europe.
Prime Minister Manmohan Singh will travel to Iran on August 29 to attend the Non-Aligned Movement (NAM) Summit on the sidelines of which he is expected to meet Pakistan President Asif Ali Zardari besides some other foreign leaders.
Government has seen media reports regarding India allegedly banning U.S.-sanctioned Iranian ships from entering Indian waters. These reports are incorrect. With the EU sanctions, which came into effect on July 1, 2012, some complications arose due to the non-availability of P&I club insurance to ships carrying Iranian crude oil. Consequently, a general exemption was granted by Government to foreign ships carrying Iranian crude oil on CIF basis to dock at Indian ports under certain conditions. Subsequently, the national insurance companies have agreed to extend insurance cover to Indian ships for transportation of Iranian crude to India. In view of this, the general exemption granted earlier to oil PSUs for carrying Iranian crude on CIF basis has been withdrawn. We understand that there are some issues yet to be resolved between the national insurance companies and the ship owners regarding the terms of the insurance cover to be provided to Indian ships for carrying Iranian crude oil to India. While the matter is being resolved, permission for ships carrying Iranian crude oil to India on CIF basis is being granted on a case by case basis on the request of oil PSUs.
While Iran has announced it will stop its oil sales to Greece, as counter-sanctions, Europe will have to face a sharp increase of its “energy bill” with estimated 500 billion Euros.
“Alors que l’Iran vient d’annoncer vouloir stopper ses exportations de pétrole vers la Grèce, réagissant ainsi à sa manière à l’embargo pétrolier décrété par l’Union européenne en vue de freiner le programme nucléaire iranien, l’Agence internationale de l’énergie estime pour sa part que la facture énergétique de l’ensemble des différents pays membres de l’UE pourrait s’élever à la modique somme de 500 milliards de dollars en 2012.”
India may continue paying for Iranian oil in foreign currencies until European Union sanctions take effect in July, when buyers will start using rupees, according to two people with knowledge of the matter.
India will waive taxes on rupee-payments for crude, it said in its March 16 budget. That raised speculation refiners will start settling its oil bill with Iran in local currency to avoid international sanctions. While India could start paying for about 45 percent of the oil in rupees from next month, the countries prefer to settle trades in foreign tender such as euros, the people said, declining to be identified because the information is confidential.
A bill intended to help startups could turn back decades of regulation and amounts to a “bipartisan route to disaster,” former IMF chief economist Simon Johnson writes.
The European Union is seeking powers to block foreign companies from winning lucrative government contracts unless their home countries open their own public-sector deals to European firms.
The proposals unveiled Wednesday appear to be targeted mostly at China, whose companies have obtained public projects in Europe.
The European Union called on Tuesday for international rules on the use of armed guards aboard ships amid a diplomatic spat between Italy and India over two Italian marines jailed in the south Asian country.
EU foreign policy chief Catherine Ashton discussed the issue with Italian Prime Minister Mario Monti in Brussels after the two oil tanker guards allegedly killed two Indian fishermen they mistook for pirates last month.