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Iran likely to invest in Turkmenistan's gas field

TEHRAN, Jan. 04 (ISNA)-Tehran and Ashgabat held talks for Iran's investment in Turkmenistan's large gas field to produce 10 billion cubic meters of natural gas annually, said Oil Minister Gholam Hossein Nozari.

Nozari then moved to oil issue and said the oil price is likely to reach about 35 to 40 dollars per barrel next year.

Iran's Oil Minister also said Gas Exporting Countries Forum (GECF) turned to be an official organization through signing the articles of association.

Member states of GECF ratified and signed Iran's proposed articles of association for the organization in late December.

The organization was only an unofficial institution prior to signing the articles of association, he said adding the organization now comprises 11 member states and it hails other countries to join.

Norway and Kazakhstan are observer members of the GECF now, but they may join the organization later, Nozari added.

Also over emergency meeting of Organization of Petroleum Exporting Countries he explained the oil market condition will specify the probability of OPEC urgent meeting and added after OPEC output cut since January West Texas Intermediate (WTI) oil raised by 4 to 5 dollars, and the US dollar depreciation was among factors caused oil price rises.

The Oil Minister then moved to Peace Pipeline issue and said Iran has always sought signing the deal trilaterally, but it will finalize the agreement with Pakistan if there is a delay in India's participation.

... Payvand News - 01/04/09 ... --

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