(MENAFN- Iraq Business News) By John Lee.
Turkmenistan will supply Iraq with 9 billion cubic meters of natural gas per year for five years, according to a deal agreed in Ashgabat on Wednesday.
The gas will be transported via Iran in what state-run Turkmengaz describes as a swap scheme.
Iraq's Ministry of Electricity confirms the meeting, but makes no mention of volumes or duration.
Full statement from Turkmengaz:
"On Wednesday in Ashgabat, representatives of the State Concern Türkmengaz met with the delegation of the Republic of Iraq led by the Minister of Electricity Ziad Ali Fadel.
"During the meeting, the parties discussed issues related to the organization of supplies of Turkmen natural gas to Iraq under the SWAP scheme through the territory of the neighboring Islamic Republic of Iran.
"The legal, commercial, financial, and organizational conditions for future joint activities in the gas industry were also discussed in detail. As a result of the negotiations, a Protocol was signed on the main commercial terms of the agreement on the sale, purchase and sale of Turkmen natural gas to the Republic of Iraq. According to the protocol, for a period of 5 years, 9 billion cubic meters of Turkmen natural gas will be transported annually through Iran to Iraq under the SWAP scheme.
"Earlier, in October of this year, a Memorandum of Understanding was signed between the State Concern "Turkmengas" and the Ministry of Electricity of the Republic of Iraq. Thus, Turkmenistan, which has huge reserves of natural gas, is consistently pursuing a policy of diversifying the supply of "blue" fuel to world markets. Turkmenistan's international proposals in the energy sector are being practically implemented in a number of large energy projects, including gas pipelines Turkmenistan-China, Turkmenistan-Iran, Turkmenistan-Afghanistan-Pakistan-India, high-voltage power transmission lines from Turkmenistan to Iran and Afghanistan.
"Currently, among its promising partners, Ashgabat is considering a number of states from the Far, Middle and Middle East, South and Southeast Asia, which are showing great interest in effective interaction with Turkmenistan in the energy sector. Among them is the Republic of Iraq. It is important that over many years of cooperation with foreign states and companies, Turkmenistan has established itself as a responsible and reliable partner, carrying out joint activities based on the principles of mutual trust, respect, good neighborliness and openness."
(Source: Türkmengaz)
The post Turkmenistan and Iraq Agree Gas Deal via Iran first appeared on Iraq Business News .
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