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OIL AND GAS
Iran ready to help European energy sector as Odessa burns
by Daniel J. Graeber
Tehran (UPI) May 5, 2013


Odessa melee leaves gas pipeline ablaze
Odessa, Ukraine (UPI) May 5, 2013 - A natural gas pipeline running from the Ukrainian city of Odessa was set on fire curing clashes in the city, local officials said.

Fighting between pro- and anti-Russian activists in Odessa left at least 42 people dead last week. Local officials said a gas pipeline running through the city was targeted Sunday during the melee, though reports didn't indicate which side caused the blaze.

Odessa is the latest scene of conflict stemming from political turmoil that erupted in November when Kiev's decisions on moving closer to the European Union forced former President Viktor Yanukovych to flee the country.

The western port city is the starting point of the Odessa-Brody oil pipeline. There were no reports of damage to that pipeline.

Ukraine is a key hub for the European energy sector, hosting the bulk of Russian natural gas supplies through its Soviet-era gas transit network.

Iran is ready to help meet European energy needs through pipeline or liquefied natural gas deliveries, Iranian Oil Minister Bijan Zangenah said.

European leaders are working to find new sources of natural gas in an effort to break Russia's grip on the regional energy sector. With one of the largest gas reserves in the world, Zangeneh said Iran was ready to help.

"As a country capable of supplying gas in very big volumes, Iran is always willing to be present in Europe's market, either through pipeline or in LNG form," he told the Oil Ministry's news agency Shana.

Iran lays claim to South Pars, a premier gas basin in the Persian Gulf. Zangeneh said Sunday several phases of the field should be on line in the coming years, though heavy investments are needed for development.

Any extra gas from South Pars could be available for export, Zanganeh said. Those prospects were raised with European leaders almost a decade ago.

"As far as I know, these talks have been halted and no chance was provided for the continuation of these talks in recent years," the minister said.

Russian energy supplies linked to EU economic recovery
Brussels (UPI) May 5, 2013 - The European economy is expected to recover, though any major disruption to oil and gas supplies would be a setback, the European Commission said Monday.

"Europe's economic recovery began a year ago and is expected to become broad-based across countries," Vice President of the European Commission Siim Kallas said in a speech Monday from Brussels.

The European Commission said it expects real gross domestic product to grow 1.6 percent this year and accelerate to 2 percent next year.

It warned, however, that economic recovery may depend in part on the ongoing crisis over Ukraine.

"Should further rising tensions with Russia lead to major disruptions in oil and gas supplies with a sharp rise in prices, the negative impact on a number of member states could be sizable," the EC warned.

Russian President Vladimir Putin warned European leaders last month the mounting debt in Ukraine was creating risks to European energy security.

Russia meets about a quarter of Europe's gas needs, though most of the supply runs through a Soviet-era transit network in Ukraine.

The European Commission said consumer spending is expected to be the main driver of economic growth, which should be supported by an increase in wages and lower energy prices.

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