Iran to resume gas exports to Turkey in five days

Business Materials 10 October 2012 15:52 (UTC +04:00)

Azerbaijan, Baku, Oct.10 / Trend F.Milad

The full repair of the Iran-Turkey gas pipeline is forecast to last five days, Maku Governor Hamid Ahmadian said, ISNA reported.

A blast which occurred on Monday morning in an eastern region of Turkey has halted Iran's gas exports to Turkey.

During the past three years, seven terrorist attacks were carried out on the Iran-Turkey gas pipeline halting the flow of Iranian gas into Turkey for 42 days.

The 42-day halt reduced at least one billion cubic meters from Iran's total gas exports to Turkey, the Mehr News Agency reported.

Iran exports some 25 million cubic meters of gas to Turkey per day.

According the 25-year agreement between the two countries, Iran is obliged to supply Turkey annually with 10 billion cubic meters of natural gas and if either side fails to fulfil its commitment, it is liable for compensation.

Iran will have the capacity to boost gas exports to Turkey and other European countries once the sixth cross country gas pipeline comes on stream, the National Iranian Gas Company's managing director said in September.

The pipeline which is projected to extend 1300 kilometres will increase the capacity to transfer natural gas to Turkey to 80 million cubic meters (bcm) per day from around 30 bcm.

Daily gas production in Iran is about 600 million cubic meters and this is projected to increase to 1.2 billion cubic meters in the future.

According to the National Iranian Gas Company, the country's oil and natural gas reserves account for 10 per cent and 16 per cent respectively of the total world reserves.

Iran, with 155 billion barrels of recoverable oil reserves, ranks fourth worldwide, after Venezuela, Saudi Arabia, and Canada.

With 34 trillion cubic meters of natural gas reserves, Iran has the world's second largest natural gas reserves after Russia.