Turkey and Iran sign oil and gas agreements

Jan 08, 2010 01:00 AM

Turkey's Energy Minister Taner Yildiz and Iran's Oil Minister Masoud Mirkazemi recently signed a joint gas exploration and production agreement for Iran's South Pars field.
That offshore field is estimated to hold 450 tcm of natural gas -- 47 % of Iran's total reserves. Turkey is expected to invest $ 4 bn to produce 35 bn cm.

The agreement also confirmed transportation of Iranian gas to Europe via Turkey and extended an earlier protocol of agreement to carry Turkmen gas to Turkey via an Iranian route.
Turkey also wants Iranian gas for the Nabucco gas line.

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