11 August 2014 - 11:52
  • News Code: 222575
Iran to Stop Turkmen Gas Import in 2016

TEHRAN August 10 (Shana)--Iran’s Petroleum Minister Bijan Namdar Zanganeh said the Islamic Republic will stop importing gas from Turkmenistan by March 2016.

He told a forum on arranging technical and engineering services for exports to Turkmenistan that Iran would no longer need to import gas from Turkmenistan as its gas production will increase by 200 mcm/d by that time.
Zanganeh, however, said Iran will continue to broaden its political and economic relations with the breakaway republic of former Soviet Union.
The minister said that Iran has been importing gas from Turkmenistan to create opportunities for economic activists particularly the private sector.  
Zanganeh said Iranian companies are still unable to operate megaprojects worth around five billion dollars, adding: “Iranian companies are currently able to operate projects worth 700 million dollars to one billion dollars.”
The minister also said that Iran has been settling its debts with Turkmenistan through exporting commodities and engineering services due to banking restrictions.  
Last May, Zanganeh said the Islamic Republic is set to prepare the ground for a gas-for-goods deal with neighboring Turkmenistan.
Iran is Turkmenistan’s second largest trade partner after Russia.
The Islamic Republic exports machinery, construction materials, sedans, buses, food stuff, agricultural and petrochemical products, electrical products and home appliances to Turkmenistan, and imports natural gas, electricity, textiles and agricultural products from its northern neighbor.
Iran and Turkmenistan have had official diplomatic relations since Turkmenistan's independence from the Soviet Union in 1991. Iran was the first nation to recognize Turkmenistan as an independent country.
The two countries have maintained good relations ever since and have cooperated in the economic, infrastructure and energy sectors.
News Code 222575

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