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Report: Iran, Italy in gas transfer talks
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09:00, December 24, 2007

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Iran was in talks with Italian power company Edison about exporting gas to the European Union country, Iran's state-run TV channel Alalam reported on Sunday.

"We have started negotiations... and the talks have almost been finalized," Iranian Oil Minister Gholamhossein Nozari was quoted as saying.

"Their preliminary need for the end of 2008 is 1.5 billion cubic feet and it will be increased to 4.5 billion cubic feet," Nozari said, without giving details.

Soaring oil and gas prices have made energy supply an acute issue in Italy, which has scarce energy resources and depends on imports for about 80 percent of its energy needs, according to Alalam.

Italy is one of Iran's largest trading partners and an Italian oil official said last month it would not abandon its contracts in the Iran.

Source: Xinhua

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