Islamic Gas Pipeline
In summer 2011 Iran, Iraq and Syria signed a memorandum on laying a 5,000-kilometre pipeline, to be named the Islamic Gas Pipeline. The proposed pipeline would transport gas resources from Iran's South Pars field and would extend through Iraq, Syria, Lebanon and to Europe under the Mediterranean sea.
Teheran suggested in 2011 that the Islamic Pipeline could serve as an alernative to the EU-backed Nabucco pipeline set to supply Europe with gas resources via Turkey and Austria. The estimated cost of the project is US $10 billion and is expected to be in operation by 2016.
However Konstantin Simonov of the National Energy Safety Foundation commented that "everyone is aware of political risks associated with Iran" and that "moreover, the construction will never begin because Iran and Syria have no money and foreign financial resources are unavailable to them.”
According to the Deputy Oil Minister Javad Owji, the proposed pipeline would be able to pump 3.9 billion cubic feet (bcf), of natural gas per day.
Baghdad stated it wants up to 530 million cubic feet (mcf) per day for its own needs, Syria would need up to 706 mcf and Lebanon up to 247 mcf. According to UPI, this would leave 2.4 bcf for possible export.
- "Seven Investors Ready to Fund Islamic Gas Pipeline" Gulf Oil and Gas, 8 June 2011.
- "Islamic Pipeline to challenge Nabucco" Voice of Russia, 26 July 2011.
- "'Islamic pipeline' seeks Euro gas markets" UPI, 25 July 2011.