The Trans-Anatolian gas pipeline (TANAP) will have a huge impact on Europe if Turkmenistan and Iraq also become suppliers, energy expert and vice director of the Italian Institute for International Political Studies Paolo Magri told AA.
When asked whether the recent deal between Iranians and the UN Security Council’s permanent members and Germany (P5+1 countries) will lead to Iran also becoming a TANAP supplier, Magri expressed it is too early to make assessments on the matter.
“Iranian oil was extremely relevant to Europe. Sanctions are preventing us from importing. If Iran comes to back to the market, it will be a big support to these corridors,” he said.
The pipeline, also dubbed 'the silk road of energy,' will help meet the energy needs of Europe, which currently imports almost 64 percent of its natural gas, This figure is due to rise to 80 percent by 2030.
The pipeline has potential to carry the Middle Eastern, Central Asian and east Mediterranean resources to European markets, Rovnag Abdullayev- chairman of the State Oil Company of Azerbaijan Republic (SOCAR) which owns an 80 percent share of TANAP- commented earlier.
Shale gas and nuclear energy will have an impact on the continent’s energy market given Europe's economic situation, Magri added, noting that Europe has shale gas resources which it has not been able to take advantage of due to environmental concerns.
Magri stated some countries could choose to return to the nuclear option to meet energy needs.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.
European Statistical Agency says slight decline fuelled by drop in production of durable consumer goods.
EU will use all its foreign policy instruments to establish strategic energy partnerships with producing and transit countries.
Dollar strength and waning investor confidence are driving the lira lower
Greece has already received two bailouts totalling 240 billion euros but fellow euro zone member Ireland said last week that it would have to negotiate a third programme.
The Ukraine crisis has tested the loyalties of Bulgaria, a Balkan country with historical ties to Moscow and heavily dependent on Russian energy supplies.