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European company in talks with Iran to build gas pipeline

Business Materials 13 September 2014 22:24 (UTC +04:00)
A European company is in talks with Iran to invest in creating Iran’s 9th cross-country gas pipeline, intended to export natural gas to Turkey.
European company in talks with Iran to build gas pipeline

Baku, Azerbaijan, Sept.12

By Fatih Karimov - Trend:

A European company is in talks with Iran to invest in creating Iran's 9th cross-country gas pipeline, intended to export natural gas to Turkey.

Iran's Gas Engineering and Development Company's managing director Alireza Gharibi said negotiations with that company will start on September 22, Iran's Mehr news agency reported.

The company's name was not disclosed.

Iran's 9th cross-country gas pipeline is projected to stretch 1,800 kilometers from southern Assalouyeh region to northwestern Bazargan border.

Hamid Reza Araqi, managing director of National Iranian Gas Company (NIGC), said on August 18 that Iran can nearly double its gas shipment to Turkey from the current 36 million cubic meters (mcm) per day with the start-up of new facilities.

Iran's natural gas is of crucial importance to Turkey as the energy-hungry country uses a significant portion of imported Iranian gas to generate electricity.

Turkey has offered to raise its gas purchase from Iran to 20 billion cubic meters (bcm) a year provided that Tehran cuts the price.

According to the latest international estimates, Iran sits atop the world's largest gas reserves.

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