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You are here:  Home / Energy Resources / Analysis: EU hungry for Iraq gas and oil

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Analysis: EU hungry for Iraq gas and oil

By BEN LANDO, UPI Energy Editor
Published: Feb. 8, 2008 at 5:36 PM
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WASHINGTON, Feb. 8 (UPI) -- Iraq is looking outside its legal and security troubles to establish mutually beneficial energy ties with Europe.

Last week Oil Minister Hussain al-Shahristani met with top EU commissioners in Brussels to discuss energy cooperation. Iraq has 112 trillion cubic feet of proven gas reserves and, like its oil reserves, experts say complete exploration will find up to three times more.

But realities on the ground post-2003 as well as Saddam Hussein leftovers are making it hard to develop. Europe, meanwhile, is desperate for Russian alternatives and is offering helping hands to develop Iraq's electricity sector.

Both Turkey and the United States have discussed helping out as well.

"Energy is one of the important sectors that Iraq is working on in the relations with Europe," Sami Askari, an Iraq parliamentarian and adviser to Prime Minister Nouri al-Maliki, told United Press International. "Iraq has large reserves of gas and oil and we're looking for new markets and I think Europe will be the nearer and most important potential market."

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