• İstanbul 22 °C
  • Ankara 20 °C

Iran pays arbitration debt in full to Turkey

Iran pays arbitration debt in full to Turkey
Iran has paid compensation to Turkey as per International Court of Arbitration ruling in 2012 by providing free gas exports

By Murat Temizer

ANKARA (AA) - Iran paid full compensation of $1.9 billion to Turkey through the provision of 8 billion cubic meters of free natural gas, the Managing Director of National Iranian Gas Company (NIGC) Hamid Reza Araghi announced late Monday.

According to Iran's Fars News Agency, Araghi said that Iran has now settled its debt through free gas exports to Turkey and from Monday, Feb. 5 onwards, Iran will revert to billing Turkey for gas imports from Iran.

In 2012, Turkey brought Iran to the International Court of Arbitration for overpricing on gas purchases during the four-year period from 2011 to 2015.

The court ruled in favor of Turkey in February 2016 and ordered that both parties agree on a reduction between the rates of 10 percent and 15 percent in the price of Iranian gas exports to Turkey. In addition, Iran had to pay $1.9 billion in compensation to Turkey in line with the decision of the International Court of Arbitration

Turkey already buys around 10 billion cubic meters of gas from Iran per year.

Iran became Turkey's second-largest gas supplier after Russia after it began exporting gas to Turkey in 2001.

source: News Feed
This news is a total 30 time has been read
UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
This news yet comment has been added .
Other News
All Rights Reserved © May 2014 US Muslims | Unauthorized and the resources published.
Haber Scripti: CM Bilişim