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Iran Will Not Lower Gas Prices for Turkey

Brian Hicks

Written By Brian Hicks

Posted March 7, 2014

The Iranian National Gas Company (NIGC) will not be lowering the price of natural gas supplies to Turkey “under any circumstances,” NIGC executive director Hamid Reza Araqi said on Friday.

Since 2001, Turkey has imported 10 billion cubic meters of gas per year from Iran, and in 2012 the country’s state-owned pipeline company has sought arbitration for Iran’s gas prices.

Natural gas from Russia and Azerbaijan is cheaper for Turkey, but with Iranian petrochemical sanctions lightening, there is an opportunity for cheaper gas. Turkey recently asked Iran for lower prices in exchange for pipeline access to the European gas market.

If a cheaper rate were secured, Turkish Energy Minister Taner Yildiz said the country could actually double the amount of gas it imported from Iran. With the present agreements, Iran has no plans to change anything.

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