Iran Confident of Favorable Ruling in Gas Price Dispute With Turkey

Iran is of the opinion that Turkey’s complaint with an arbitration court about the price of natural gas will not create much problem for Tehran.

The court will most likely rule in favour of Iran, country’s Oil Minister Bijan Namdar Zanganeh told reporters on the sidelines of his talks with Turkish Development Minister Cevdet Yilmaz in Tehran, reports Press TV.

Asked whether Iran is likely to reduce the price of natural gas exports to Turkey, he responded, “Negotiations are ongoing in this regard.”

Turkey laid a formal complaint against Iran with the International Court of Arbitration in regards to the price of gas in March 2012.

According to Press TV, Iran charges Turkey $490 for every 1,000 cubic meters of natural gas, while Turkey claims that the Republic of Azerbaijan and Russia supply gas to Turkey at $335 and $425 per 1,000 cubic meters, respectively.

Iranian Deputy Oil Minister for International and Trade Affairs Ali Majedi said on Wednesday that negotiations about an increase in gas exports to Turkey and a possible price revision are ongoing.

He stated that Iran wants to have a share equal to Russia’s in the Turkish gas market, adds Press TV.