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EU turning eastward for energy needs

Source: Press TV

European officials and experts have met in Vienna to discuss how to make Europe a bigger energy player through projects such as Nabucco.

According to experts and the representatives of energy companies gathered in the meeting Europe needs to do two things to urgently enhance its role on the global energy arena. It needs to develop a common energy policy, and to diversify its energy sources so that it could meet its expanding needs.

The Nabucco pipeline is co-sponsored by the Austrian energy giant OMV - one of the participants at the Vienna energy forum. With Nabucco pipeline, OMV wants to diversify Europe's energy sources and open a door to the huge energy potential of the countries from the Caspian region. The project, however, makes sense commercially only if it includes Iranian gas.

Still, OMV Chief Wolfgang Ruttenstorfer Told PressTV on Monday that he believed it would take time before Iran, the second biggest gas supplier, could join Nabucco.

"We are definitely highly interested that Iranian supplies in some point of time, will be transported via Nabucco to Europe. At the same time, it has to be understood that those (Iranian) reserves have yet to be developed and so a lot of work and a lot of investment are still to happen," he said.

Nabucco however is not the only project OMV wants to involve Iran in. The energy giant has a multi-billion dollar project with Iran for the development of the South Pars gas field. A project that could bring billions back to Europe but is strongly opposed by the United States.

Those expectations were also shared by all present at the Energy forum - high European and international energy officials, who believe Europe is definitely on the right track.

With falling domestic production and rising energy needs, Europe tries to secure its sources, by slowly but steadily turning eastward.

Thus, the countries from the Caspian region and the Persian Gulf are expected to become new key partners of the old continent and help it meet its energy needs.

... Payvand News - 11/26/08 ... --

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