Turkey to invest $ 12 bn in Iran

Nov 18, 2008 01:00 AM

Turkish Energy Minister Hilmi Guler anticipated that Turkey may make a $ 12-bn investment in Iran on the basis of an agreement signed between the two countries in Tehran. The money will be spent on developing Iran's offshore gas fields in southern Iran and construction of a 1,800-km gas pipeline from Assalouyeh, the gas field in southern Iranian province of Bushehr to Turkish border.
"We will implement every bilaterally inked agreement," the Turkish minister said, referring to the agreement signed by Iran's Oil Minister Gholam Hussein Nozari and Guler in Tehran.

Iran and Turkey also signed a Memorandum of Understanding (MoU) according to which Turkey will invest in developing gas fields in southern Iran and will buy 50 % of its produced gas when the project is completed and also Turkmenistan's gas will be transferred via Iran to Turkey to be piped to Europe.
Guler had said earlier that "Turkey and Europe need gas and we are trying to provide our need from Iran." Reportedly, Iran will transfer 35 bn cm of Turkmen gas to Turkey annually.

Turkey said earlier in November that the multi-billion-dollar energy agreements between Tehran and Ankara are expected to be signed by the end of 2008.
"Turkey currently took 27 mm cm of natural gas from Iran daily," a report said on the eve of Guler's travel to Tehran, adding that "23 mm cm more natural gas would be given to Turkey soon."

Guler arrived in Tehran after completing his talks in Azerbaijan.
Turkey depends on Russia for 29 % of its oil and 63 % of its natural gas.

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