Iran, Turkey Closing in on $5.5 Billion Gas Deal

ANKARA (Press TV)–Turkish Energy Minister Taner Yildiz assured Tehran on Wednesday of Ankara’s “complete political support” the ratification of a $5.5 billion gas deal with Iran.

Yildiz said that Turkish officials will make a final decision about investment in Iran’s giant South Pars gas field within two weeks.  “We will decide within two weeks on our final decision on the investment in Iran,” Yildiz told Reuters on Tuesday.

He added that Turkish companies are carrying out feasibility studies in the gas field to prepare the ground for finalizing the deal.

“This project has complete political support, but companies are carrying out the talks … If the feasibility is not high we will not continue,” he said.

South Pars gas field is estimated to hold about 14 trillion cubic meters of gas, or about eight percent of total world reserves.

Turkey supports the idea of using Iranian gas as throughput for the European Union-backed Nabucco pipeline project aimed at reducing Europe’s dependence on Russian gas.

Iran currently exports 25 million cubic meters of natural gas to Turkey per day and the figure could be increased to 30 million cubic meters a day if necessary.

Iran possesses the world’s second largest gas reserves after Russia. Energy analysts believe Iran can reliably supply energy to Europe.

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