Norwegian Co. Views Iran as Best Energy Market in Middle-East

A01623641.jpgTEHRAN (FNA) – Norwegian company Econ technical director Paul Parks said Iran was the Middle East’s best energy market for investment.

Parks, who talked to PIN on the sidelines of a conference on Clean Development Mechanism (CDM) in Tehran, added political limitations would never discourage international companies from participating in Iran’s projects.

The Norwegian said Iran enjoyed the highest potentials for investment in the projects of CDM and prevention of greenhouse gas emissions.

Parks expressed his company’s willingness to boost its participation in Iran’s gas injection projects and added, “In spite of Norway’s decade-long experience in injection of gas into oil reserves, we have carried out preliminary measures and studies in Iran and now we are keen to bolster our cooperation with Tehran.”

He said the CDM project not only reduced air pollution, but also helped earn more through selling carbon.

The Clean Development Mechanism (CDM) is an arrangement under the Kyoto Protocol allowing industrialized countries with a greenhouse gas reduction commitment to invest in projects that reduce emissions in developing countries as an alternative to more expensive emission reductions in their own countries.

The most important factor of a carbon project is that it establishes that it would not have occurred without the additional incentive provided by emission reductions credits.

The CDM allows net global greenhouse gas emissions to be reduced at a much lower global cost by financing emissions reduction projects in developing countries where costs are lower than in industrialized countries. However, critics argue that by allowing “business as usual” projects some emission reductions under the CDM are false or exaggerated, and in early 2007 the CDM was accused of paying €4.6 billion for projects that would have cost only €100 million if funded by development agencies, according to Wikipedia.

The CDM is supervised by the CDM Executive Board (CDM EB) and is under the guidance of the Conference of the Parties (COP/MOP) of the United Nations Framework Convention on Climate Change (UNFCCC).

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