Iran favours Caspian oil expansion

Oct 17, 2008 02:00 AM

Tehran said the construction of an oil pipeline from Iran to Caspian states will diversify the regional energy sector and increase market efficiency in Asia. Iranian energy officials said a Persian energy route to Caspian oil producers will accelerate diversification and boost the regional economy.
"The Caspian-Persian Gulf pipeline is profitable and safe," said Iranian Foreign Minister Manouchehr Mottaki.

The littoral states of the Caspian Sea see expansion of their export arteries as an attractive option economically and a boon to the efficiency of the European and Asian energy markets.
Estimates from January put the total proven oil reserves from the Caspian region at about 265 bn barrels, with Iranian estimates at around 138 bn.

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