Talking to reporters on the sidelines of his meeting with Batyr Amanov, the chairman of the Türkmengaz State Concern, Javad Owji added Chairman of the People’s Council of Turkmenistan Gurbanguly Berdimuhamedow meets Iranian President Seyyed Ebrahim Raeisi today.

The 13th (Raeisi) administration started swapping 1.5 to 2 billion cubic meters (bcm) of gas per year when it took office on the basis of a contract with the Republic of Azerbaijan, said the minister, continuing the volume of gas swap doubled last year following the two sides’ agreement.

Increase in Iran’s regional gas trade

Turkmenistan is the fourth-largest holder of gas reserves in the world and Iran has the capacity of importing 40 to 50 mcm/d, said Owji, adding, “We intend to boost our gas trade (swap, transit, and transactions) in the region, which be beneficial for both countries.”

$1.65b debt to Turkmenistan cleared

The 13th administration paid a $1.65 billion debt Iran owed to Turkmenistan for importing gas in the previous government, the minister mentioned, calling it an important issue settled in the energy sector.

No offshore gas condensate storage

Owji said the country had 87 million barrels of gas condensates in storage offshore before the incumbent government took over.

Given the incumbent administration’s exports to new markets, energy diplomacy promotion, and diversification of domestic consumption, the offshore gas condensate storage has been reduced to zero, he continued.

Iran is currently producing 760,000 barrels of gas condensates a day, said the oil minister.

OPEC+ role

In response to a question posed by SHANA about the upcoming meeting of the Organization of the Gas Exporting Countries (OPEC), Owji said OPEC and OPEC+ have had constructive cooperation in recent months, helping balance oil prices in international markets by cutting their supplies.

Iran supports the decisions made by OPEC and OPEC+, he concluded.