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Iran Suggest Construction of Caspian Sea-Persian Gulf Oil Pipeline

Oil&Gas Materials 11 October 2008 14:06 (UTC +04:00)
Iran Suggest Construction of Caspian Sea-Persian Gulf Oil Pipeline

Azerbaijan, Baku, 11 October / Trend / Iran's Foreign Minister Manouchehr Mottaki said the Islamic Republic suggests construction of a large oil pipeline to transport Caspian countries' oil to the Persian Gulf, IRIBNEWS said.

According to Mottaki, the Caspian Sea-Persian Gulf pipe will be advantageous and safe. He did not comment on the planned pumping capacity of the pipe, amount of investments and period of construction.

Iranian officials' statements about importance of the energy security are not intended to gain profits. Energy consumers need that, said Minister.

"Should security of routes not be provided, [uninterrupted] export of oil will not be able," Mottaki said at the meeting on International Oil Refining Industry in Tehran.

According to BP's World Energy Review of 2008, proved reserves of the Caspian countries totalled 265.2bln barrels of oil by 1 January 2008, with 7bln barrels of Azerbaijan, 138.4bln barrels of Iran, 39.8bln barrels of Kazakhstan, 79.4bln barrels of Russia, and 0.6bln barrels of Turkmenistan.

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