Iran’s gas debts to Turkmenistan close to $2B

Business Materials 9 August 2016 17:51 (UTC +04:00)

Baku, Azerbaijan, Aug. 9

By Dalga Khatinoglu, Umid Niayesh – Trend:

Iran’s Deputy Oil Minister for International Affairs Amir Hossein Zamaninia confirmed that Iran’s gas debts to Turkmenistan may even reach $2 billion.

In an interview with Trend Aug. 9, Zamaninia said it was already estimated that the debt is between $600 million to $1.5 billion, but the exact figure will be determined after negotiations with Turkmen officials.

“We should negotiate again with the Turkmen authorities on its calculation to determine how much and what type of gas had been imported,” Zamaninia said.

The debt amount should be calculated again as some estimates put it at even $2 billion, he added.

The Islamic Republic imported over 9 billion cubic meters of natural gas from Turkmenistan in 2015, according to OPEC, indicating a 200-percent rise compared to preceding year.

Iran has been purchasing natural gas from Turkmenistan in the past 20 years, the annual value of which stands at $2-3 billion.

Iran and Turkmenistan have recently finalized negotiations on the $2.5 billion worth of projects on barter of gas for goods and services, however Zamaninia said Iran currently continues the cash payment method for the purchase of Turkmen gas.