Iran: Foreign lenders back pipeline

There are at least six international investors ready to back Iran's plans to build a natural gas pipeline through Iraq to Syria, the deputy oil minister said. Iran, Iraq and Syria last month signed off on the proposed 3,480-mile natural gas pipeline from the South Pars gas complex in the Persian Gulf.Iranian Deputy Oil Minister Javad Oji told the official Islamic Republic News Agency that international lenders were lining up to support the multimillion-dollar project. "Six to seven international investors have announced their readiness to finance, design and construct the pipeline carrying 3.8 billion cubic feet of Iranian natural gas to Iraq, Syria and European countries per day," he was quoted as saying.Tehran suggests the project could rival Europe's Nabucco pipeline, a project in which Iran was eager to take part.The U.S. Government Accountability Office report concluded that, while most foreign companies had left Iran in part because of the tough economic conditions brought on by sanctions, 16 companies ranging from the China National Petroleum Corp. to Italy's Edison remain active in the Iranian energy sector.