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Iran and Turkmenistan implementing goods-for-energy barter

Iran and Turkmenistan implementing goods-for-energy barter Energy

TEHRAN (TCA) — An Iranian Petroleum Ministry official says Iran and Turkmenistan are pursuing a $30 billion goods-for-energy barter deal to take place in the course of the next 10 years, Iran’s PressTV news agency reported.  

The deal allows for Iranian goods and services to be bartered for Turkmenistan’s natural gas, the official IRNA news agency quoted Mohammad Taqi Amanpour, the Iranian oil minister’s special representative in the exports of commodities and services, as saying on June 28.

The official said the two countries have already finalized a $500 million agreement on the export of Iranian goods and services to its northeastern neighbor.

Turkmenistan, Iran’s largest natural gas supplier, has run the barter deal with Tehran over the past one and a half years; yet only a faction of the agreement ($2.5 billion) has been implemented, the official said.

In May, Iranian President Hassan Rouhani stressed the importance of cooperation between the two nations and urged to boost bilateral ties.

Rouhani commended bilateral relations in energy and power sectors, calling for enhanced cooperation in other sectors, including tourism, environment preservation of the Caspian Sea region and determination of its legal regime. He made the call during a visit by Turkmenistan’s Foreign Minister Rashid Meredov to Tehran.

Although bilateral trade has not surpassed $5 billion over the past few years, officials of the two countries say a $60 billion target is achievable, given enormous potentials which exist for cooperation.

Iran buys almost a third of Turkmenistan's exported gas for heating in winter and other uses in the country’s northern provinces which are far from Iran’s southern hydrocarbon fields.



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