Iraq's cabinet this week endorsed a draft oil and gas law for the management of oil resources and an equitable distribution of revenues. Prime Minister Nuri al-Maliki hailed the achievement, telling reporters on February 26 that with the endorsement of the draft law, the government "lays the foundation stone for building the state." The law will now be submitted to parliament for ratification before it takes effect later this year.

Iranian Foreign Minister Manuchehr Mottaki"s offer to open natural gas and oil wells in Iran to Turkey, and even market the extra gas produced by these wells, was well received by Turkish energy circles.

Like all oil and gas majors, the Royal Dutch/Shell Group has its eyes open for new sources of supply as global demand for energy grows. Iran is just such a possible source, with the world's second biggest reserves of natural gas.

Russia's economy, the cliche goes, rests on two pillars: oil and gas. Now President Vladimir Putin says it's time for that to change.

Energy issues once again led the agenda as European Union officials traveled today to Moscow for talks with Russian Foreign Minister Sergei Lavrov.

The head of Russia's Security Council says Russia is not planning an OPEC-style gas exporting group.

A subsidiary of Russia's state-run Gazprom gas giant confirmed on Friday reports that it is considering building a big oil refinery in Armenia that would process crude from neighboring Iran.

Iran is ready to start gas delivery to Armenia at any time, but the Armenian side is not ready to receive the gas. Spokesman for the Iran-Armenia gas pipeline project said the Iranian side accomplished all necessary works and installed necessary equipment.

The main construction works of the gas pipeline connecting Iran and Armenia, that could also supply natural gas to Europe, are over, PanARMENIAN.Net reported. And currently trials and tests are conducted on the pipeline. These procedures will be finished before April-March of the current year.

The price for the Russian gas Belarus will buy will be agreed by the new year, Belarus Prime Minister Sergei Sidorskiy told the press while paying a working visit to Mogilev oblast.

The Armenian government on Thursday stopped short of explicitly denying reports that the ongoing work on a major natural gas pipeline from Iran will not be complete, as planned, by the end of this month.