Iran, Azerbaijan Agree to Hike Gas Swap Volume

Iran has agreed to increase the volume of gas it swaps with Azerbaijan, Fars News Agency reported Tuesday.

A government official told the news agency that the decision was taken in a recent meeting of officials, however, exact swap volume has been decided yet.

As per the current deal which was signed a decade back, Tehran transfers about 1-1.2 million cubic meters (mcm) of natural gas to the Nakhchivan via Astara border. In return Baku supplies gas to northern Iran.

Iranian officials have stated that Tehran’s priority in exporting gas would be towards neighbouring countries not Europe. 

Under the current circumstances, exporting natural gas to Europe via Trans Adriatic Pipeline (TAP) in Azerbaijan seems much more economical to Iran than piping it directly.