Arbitration Court to resolve dispute between Ankara, Tehran on gas prices in May

Arbitration Court to resolve dispute between Ankara, Tehran on gas prices in May
13:47 6 Aprel 2015
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Baku, Azerbaijan, Apr. 6

By Rufiz Hafizoglu – Trend:

The International Court of Arbitration will make a decision on Ankara’s suit towards Tehran concerning the price of Iranian gas supplied to Turkey in May 2015, Minister of Energy and Natural Resources of Turkey Taner Yildiz said, the Turkish TV channel TRT Haber reported Apr.6.

Ankara hopes that Iran will offer Turkey new acceptable gas prices, and this issue will be included in the agenda of the visit of Turkish President Recep Tayyip Erdogan to Tehran, which is scheduled for April 7, he said.

Previously, Yildiz said that Ankara and Tehran will discuss the price on Iran’s gas supplied to Turkey. He also said that Iran urged Turkey to withdraw the writ from the International Court of Arbitration, which is unacceptable for Ankara.

During Iranian President Hassan Rouhani’s visit to Turkey, an Iranian delegation proposed to Ankara new conditions, the minister said. He went on to add that according to these conditions, the gas prices can be reduced, but these conditions are unfavorable for Ankara. The agreement on Iranian gas supply to Turkey was signed in 1996.

Gas prices are not officially disclosed. But according to the Turkish media, Turkey buys Iranian gas at $490 per 1,000 cubic meters. The country pays $ 335 per 1,000 cubic meters for Azerbaijani gas, which is supplied via the South Caucasus gas pipeline (Baku-Tbilisi-Erzurum). Russian gas costs Turkey $ 425 per 1,000 cubic meters.

Turkey has contracts with Iran for the supply of 10 billion cubic meters of gas per year, with Russia - 20 billion cubic meters of gas, Azerbaijan - 6.6 billion cubic meters of gas.

Moreover, Turkey signed agreements with Algeria and Nigeria for the supply of 4.4 billion and 1.2 billion cubic meters of liquefied natural gas per year, respectively.

Ankara appealed to the International Court of Arbitration regarding the price on Iranian gas in March 2012.

Earlier Yildiz stressed that Turkey’s suit towards Iran concerning the prices on supplied gas will be considered at the International Court of Arbitration until the end of 2014.

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