Turkey unveiled plans about offshore gas fields and construction of a gas pipeline connecting the two Middle East neighbors.
Turkey unveiled plans to invest $12 billion for developing Iran's offshore gas fields and construction of a gas pipeline connecting the two Middle East neighbors. Turkish energy minister Hilmi Guler said on Tuesday that he and his Iranian counterpart, Gholam Hussein Nozari, signed an agreement to this effect in Tehran. Under a memorandum of understanding (MoU), Turkey will buy 50 percent of the gas produced in the gas fields in southern Iran, when the project is completed.
The construction of the 1800-kilometer long gas pipeline from Assalouyeh, the gas field in southern Iranian province of Bushehr, is intended to transfer Turkmenistan's gas through Iran to Turkey and from there to other European destinations.
Thus, Turkey will get 35 billion cubic meters of Turkmen gas a year.
Turkey, which currently imports 27 million cubic meters of natural gas from Iran daily, is to receive an additional 23 million cubic meters of gas soon.
This is expected to ease Turkey's heavy dependence on Russia for energy. Turkey meets 29 percent of its oil requirements and 63 percent of its natural gas needs by importing from Russia.