1/24/2017
Iran Offers Turkey a 13.3 Percent Discount for Natural Gas
Hamid Rıza Iraki, the Iranian Deputy Minister of Petroleum and the General Director of NIGC, has announced that a discount of 13.3 percent would be applied to the natural gas that is exported to Turkey after the latter is awarded the international arbitration ruling against Iran. USD 1.9 billion will reportedly be paid to Turkey in damages
Hamid Rıza Iraki, the Iranian Deputy Minister of Petroleum and the General Director of the National Iranian Gas Company (NIGC), has announced that a discount of 13.3 percent would be applied to the natural gas that is exported to Turkey after the latter is awarded the international arbitration ruling against Iran. According to the report of the semi-official Iranian Students New Agency (ISNA), Iraki said in a press meeting in Tehran that the amount of discount on the price of the natural gas exported to Turkey, and the compensation to be paid upon the award of the Arbitration Tribunal was decided. Stating that a 13.3 percent discount would be applied to the price of the natural gas exported to Turkey in accordance with the arbitration award, Iraki noted that Iran would also pay Turkey a compensation of USD 1.9 billion. The arbitration process commenced in 2012 As can be remembered, Taner Yıldız, the former Minister of Energy and Natural Resources stated that they applied to the International Arbitration Tribunal on January 10, 2012 for the incomplete purchases of Iranian natural gas TEBA:1547/ February 6, 2012. Accordingly, the International Arbitration process with the Government of Iran started in March 2012. The International Arbitration Tribunal had ruled that the price of the Iranian natural gas be discounted by 10 to 15 percent by 2011. NIGC General Director Hamid Rıza Iraqi had stated that Turkey had had an additional natural gas demand and that Iran had been ready to supply 2 mcm of gas per day TEBA:1751/ February 2, 2016.
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