3 June 2022 - 18:50
  • News Code: 457738
Iran, Azerbaijan Sign MoU to Double Turkmen Gas Swap

BAKU (Shana) – Tehran and Baku signed a Memorandum of Understanding (MoU) to increase gas swap from Turkmenistan to the Republic of Azerbaijan via Iran’s territory.

Iranian Minister of Petroleum, Javad Owji, who is in Azerbaijan to attend Baku Energy Week, on Friday signed the MoU on bilateral cooperation during a meeting with Azerbaijani Economic Minister, Mikayil Jabbarov.

Under the MoU, the two sides agreed to double the volume of Turkmenistan gas swap to the Republic of Azerbaijan through Iran annually.

Iran, Azerbaijan ad Turkmenistan struck a deal on the sidelines of ECO Summit in December 2021 to swap 1.5 to 2 billion cubic meters of Turkmen gas to Azerbaijan.

The deal, which was signed after a five-year suspension in Iran-Turkmenistan gas trade, will help to improve sustainable gas flow in northeastern Iran’s gas network and pave the way to turn Iran into an energy hub in the region.

The swap volume is also expected to increase in the future.

During the bilateral meeting, other economic issues in energy, transportation, bilateral trade and other areas were also discussed.

News Code 457738

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