Iraq to Compete with Russia and Iran in Natural Gas Market

Iraq is expected to compete with both Iran and Russia in the natural gas market in Turkey and Europe, thanks to its geographic location and prices, according to a report from Al Sumaria TV.

A marketing expert on the sidelines of the Kurdistan Oil & Gas conference told the agency:

The European Union has real interests in Iraq’s Kurdistan region. Kurdistan’s biggest opportunities will be coming from the European Union which wants to import gas from Middle East and Kurdistan region is on its borders. Turkey’s demand for gas will double in the upcoming decade and Kurdistan region should move along in works and start competing in that market.

Saad Saadallah, trade counselor for the Ministry of Natural Resources in the Kurdistan Region Government said:

Kurdistan region can start exporting gas after meeting all the needs of the local market. It would be able to aim at Turkish market by the year 2015 and to start competing with Russia and Iran, which is possible because of its geographic location.

Aydın Selcen, Turkish consul general in Erbil said that Turkey’s development rate is very high and it should diversify its oil and gas import sources:

We [import] a lot of gas from Russia and the best alternative would be Kurdistan region … Turkey aims to reach the highest level of synergy with the region and we are doing so through highways, airlines as well as oil and gas transportation pipelines via the borders.”

The development in oil and gas sector in Kurdistan region raised my interest”, said Jennifer College an expert in oil and gas affairs.

Turkey and Azerbaijan signed contracts to transport gas to turkey and via turkey towards Europe which raises the importance of Iraqi gas and helps to develop oil and gas transportation pipelines from Iraq to Turkey and via Turkey towards Europe, the expert added.

Iraq Kurdistan region has 45 billion cubic meters of gas reserves, sources in KRG confirm. Dana Gas and Al Hilal Oil, Emirati companies invest in Kurdistan gas sector. The two companies’ sources say they spent 900 million dollars as investments and produce nowadays 300000 cubic meters of gas used mainly to supply Kurdistan power plants in Erbil, Suleimaniyah and Duhok with their needs.

(Source: Al Sumaria TV)

(Picture: Dana Gas)

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