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05/16/13

Turkey to transit 2bcm of Iranian gas to Europe

Source: Tehran Times

Turkey will to transit 2 billion cubic meters of Iranian gas annually to Europe, the Mehr News Agency reported on Wednesday. The two neighboring countries are close to finalize pricing terms and conditions.

National Iranian Gas Company Managing Director Javad Owji said on Monday Iran will "witness a change in the revenues of the country from crude oil to natural gas."

He pointed to the country's goal to triple gas shipments to some of its neighbors, saying, "By signing new deals with Turkey and Iraq, Iran will increase natural gas exports to about 100 million cubic meters by next year from a current 35 million."

"We are currently in talks with Turkey to win the right for gas transit via this country [to Europe]," Owji said.

Iran sits on the world's second-largest natural gas reserves after Russia.

Owji also said Iran would start pumping natural gas to neighboring Iraq in summer.

On April 19, IRNA quoted Owji as saying that Iran exported 8.4 billion cubic meters of natural gas, worth $3.5 billion, in the past Iranian calendar year.

He also said that the country imported 4.5 billion cubic meters of gas, worth $1.8 billion, last year.

Gas imports dropped by 50 percent year on year, he noted.

Earlier this month, Owji said that Iran plans to increase its natural gas exports as a way to diminish its reliance on crude sales.

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