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Iraq could 'revolutionize' Nabucco

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1 Iraq could 'revolutionize' Nabucco on Wed Feb 17, 2010 10:50 am

littlekracker


Iraq could 'revolutionize' Nabucco

DUBAI, United Arab Emirates, Feb. 16 (UPI) -- European consumers should feel at ease as Iraqi considerations for the Nabucco gas pipeline redefine the world energy market, analysts say.

Europe aims to stabilize its energy sector with the Nabucco gas pipeline. The project would move non-Russian gas to Europe along a route that avoids politically sensitive territory in Ukraine.

Despite the political backing for the project, supplier nations are slow to come forward. Austrian energy giant and Nabucco partner OMV said recently the project might not develop without adequate interest.

Iraq, however, has emerged as a possible supplier, breathing new life into the project because of its proximity to key planned transit arteries for Nabucco in neighboring Turkey.

Robin Mills, a Dubai energy economist, writes in the United Arab Emirates newspaper The National that Iraqi gas for Nabucco could be "ideal" as the national energy sector develops in the post-war climate.

Mills warns that Iraq needs to settle internal disputes before it can make substantial headway. Europe, for its part, needs to "be much more aware" of the strategic value of Turkey as an energy partner.

"Iraqi exports through Nabucco could revolutionize world gas markets," writes Mills, paving the way for other Middle Eastern players to follow suit.

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