Europe eyes Iran as new energy source
Europe looks to Iran to diversify energy supplies after the lifting of sanctions on the Islamic Republic, head of Italy’s Eni SpA Claudio Descalzi says.
Iran owns the world’s largest gas reserves but its share of the market is negligible because much of the gas produced goes to local consumption which is huge by all standards while sanctions have curbed efforts to ramp up production.
Descalzi said Iran will need to invest at least $150 billion in infrastructure to become a major gas producer.
The country emerged from years of sanctions on Saturday, removing many hurdles on the way to access investment, equipment and technology and allowing Iran to embolden its footprints on the global energy map.
“I’m very happy that Iran has returned because for us it means the European system will have a more diversified energy supply,” Descalzi told RAI television.
“To make the big jump, which could take four or five years, a jump that could have a real impact on the global market, Iran would need to attract $150 billion for development,” he said.
Iranian officials hope to attract $40 billion in the gas industry now that the sanctions are gone.
The country seeks to raise gas production to 1.2 billion cubic meters (bcm) a day in five years, from 800 million cubic meters now. Annual output totals 166 bcm, which is mostly used at home.
The EU plans to send around 15 EU officials to Tehran in February to explore energy ties with Iran, European Climate and Energy Commissioner Miguel Arias Canete said on Sunday.
The "technical assessment mission" includes the initial four-day technical visit after which high-level commission staff, possibly with a business delegation, will travel to Iran.
Potential areas for cooperation include all areas of energy ranging from nuclear, oil, gas and renewable energy to energy efficiency, Arias Canete said.
In particular, he mentioned developing liquefied natural gas and also pipeline shipments through a route the European Union refers to as the "Southern Gas Corridor" to carry supplies into southern Europe.
The Europeans are also trying to recover the ground they have lost in Iran. Before the sanctions, the bloc’s annual trade with Iran stood at 27.8 billion euros, which fell to 7.6 billion euros in 2014.
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