💥 Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

UPDATE 1-Iraq says no gas for Nabucco, may supply someday

Published 07/12/2009, 10:51 AM
Updated 07/12/2009, 10:56 AM

* Iraq says no gas surplus to supply Nabucco now

* Says may supply pipeline one day

* PM going to Turkey to watch transit deal signing

(Adds background)

By Muhanad Mohammed;

BAGHDAD, July 12 (Reuters) - Iraq does not have any surplus gas to sell via the planned Nabucco pipeline now as it is focusing on its domestic needs but it may one day supply the project, a government spokesman said on Sunday.

"There is a possibility Iraq will be one of the sources of the gas, but not in the current stage because we don't have surplus gas now," Ali al-Dabbagh said.

Dabbagh spoke a day ahead of Prime Minister Nuri al-Maliki's trip to Ankara, where transit agreements will be signed paving the way for the 7.9 billion euro ($11 billion) pipepline, which is expected to pump 31 billion cubic metres of natural gas to Europe by 2014 and reduce European reliance on Russian gas.

Dabbagh said Maliki would attend the signing ceremony but that "Iraq will not sign the Nabucco agreement because at this point domestic use of gas is Iraq's priority".

Turkey, Bulgaria, Romania, Hungary and Austria will sign the transit deals.

In May, Baghdad rejected a plan from Iraqi Kurdistan, a semi-autonomous region ruled by minority Kurds, to supply gas to the Nabucco project, intensifying a long-running feud between Iraq's majority Arabs and minority Kurds over oil and territorial issues.

The Iraqi government rejects any Kurdish deals with foreign firms, or exports, without its permission.

Baghdad has also said it might someday export surplus gas through the Arab Gas Pipeline to the Middle East and Europe. (Writing by Missy Ryan; editing by Karen Foster)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.