The $8 billion (Dh29.36 billion) energy deal promoted by UAE-based upstream energy explorers Dana Gas and Crescent Petroleum bringing in two European rivals - Hungary's MOL and Austria's OMV - has raised a lot of eyebrows among global players, while also raising hopes among European consumers.
The gas deal is aimed at feeding surplus gas to Europe through a $10 billion Central Asia-European gas pipeline. In an initiative dubbed the Nabucco project, Middle East and Caspian natural gas sources will be routed to Europe through a new gas pipeline.
However, Baghdad has already rejected the deal on technical grounds, saying that it has not been approved by the Iraqi Central Government.
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