Turkey Warns Iran Over Gas Price Dispute

Turkey may take Iran to international arbitration if it does not agree to reduce the price at which it sells its natural gas.

Turkey has requested Iran to reduce the price of gas it sells to Turkey but Iran has not acted upon this request.

Turkey has been importing gas from Iran since 2001, under a 25-year contract signed in 1996 for 10 billion cubic metres per year. 

Iran sits on the world's second-largest natural gas reserves and is Turkey's second-biggest supplier of gas after Russia.

Iran's gas exports to Turkey stood at 24 million cubic meters per day on average.