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Iran, Turkish Firm to Sign Gas Deal

Service : Economy
TEHRAN, July 18 (ICANA) – Iran's Oil Ministry and a Turkish private company are to sign a deal that will result in selling four million cubic meters (mcm) of natural gas to Turkey per day, an Iranian official says.
Monday, July 18, 2011 2:02:23 PM
Iran, Turkish Firm to Sign Gas Deal

Iranian Deputy Oil Minister Javad Oji said that Iran will deliver three to four mcm of gas to the Turkish company per day and that "the deal is different from the current exports agreement" of supplying Turkey with 25 to 30 mcm/d of gas, SHANA news agency reported Sunday.

Oji further noted that the firm needs the Iranian natural gas to convert it into liquefied natural gas (LNG) for supplying the Turkish market.

The official went on to say that the Oil Ministry will ink the gas deal with the company in the current year without revealing the name of the Turkish firm.

In January, the National Iranian Gas Company (NIGC) announced that Iran exported 8.25 billion cubic meters of gas to Turkey via pipeline in 2010.

According to British Petroleum's latest report, titled the Statistical Review of World Energy, Iran's natural gas production posted a 5.6 percent increase to settle at 138.5 billion cubic meters in 2010.

Iran, which sits on the world's second largest natural gas reserves after Russia, is trying to increase its gas production by encouraging foreign and domestic investments, especially in its South Pars gas field.

South Pars covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iranian territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar's territorial waters.

The Iranian gas field has 14 trillion cubic meters of natural gas -- about eight percent of the world's reserves -- and more than 18 billion barrels of LNG resources.

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