Nov 29, 2021: Iran, Turkmenistan and Azerbaijan have signed an agreement to exchange up to 2 billion cubic meters (bcm) of gas annually, according to reports by Iran’s state news agency IRNA on Sunday.

Under the exchange agreement, Iran will receive gas from Turkmenistan and provide Azerbaijan with an equal amount on the Astara border, Iranian Oil Minister Jawad Owji told state TV.

“Under the tripartite agreement signed in Turkmenistan, Turkmenistan will sell 5-6 million cubic meters of gas per day to Azerbaijan,” IRNA said.

Owji also said Iran was moving to resolve a lingering gas debt dispute with Central Asia’s Turkmenistan, which said in late 2017 that it was owed $1.8 billion in payments for gas delivered to Tehran.

“We will soon pay the first installment to the Turkmen side to end the gas debt, which was negotiated earlier,” Owji said without elaborating.

Iran has large natural gas reserves in the south, but has been importing gas from Turkmenistan since 1997 to distribute to its northern provinces, especially in winter.

Stay tuned to BaaghiTV for latest news and Updates!