Discount on natural gas imminent: Turkish mininster

Oil&Gas Materials 23 July 2016 16:11 (UTC +04:00)

Turkish government will be able to apply a genuine and substantial discount on natural gas prices before the winter after Turkey and Iran's arbitration case is concluded in September, Energy Minister Berat Albayrak said.

Speaking in a TV interview following the declaration of state of emergency after Friday's failed coup, Albayrak said that they are consistently working to secure the country's energy supplies, Anadolu Agency reported July 23.

In 2012, Turkey applied to the International Court of Arbitration against Iran for overpricing on gas to Turkey during the four-year period between 2011 and 2015. The court ruled in favor of Turkey in February 2016 and ordered that both parties agree on a reduction between the rates of 13.3 percent and 15.8 percent in the price of Iranian gas exports to Turkey. It is expected that the two countries will reach a decision in September 2016.