Expansion of Turkey, Iran Energy Cooperation

Turkey Minister of Energy, Hilmi Guler, regarded Iran-Turkey memorandum of understanding (MoU) as a step forward towards energy security in the region, PIN reported.

“The agreement will result in more cooperation between the two sides and meeting Turkish and European countries’ gas demand,” Guler said in a joint press conference with Iranian Oil Minister Gholam-Hossein Nozari, He added that development of three phases - 22, 23 and 24 - in Iran"s South Pars offshore gas field with Turkish investment, supplying 50 percent of the gas from these (three South Pars) phases to Turkey and gas transfer to Europe via Turkey, are the main three parts of the MoU.

Turkish minister also cited the accord needs a-year technical reviews to be finalized.

He also said: “A-year period to finalizing the deal shows our endeavor to implement it.”

Guler argued that some $12bn is assessed for investment in the mentioned parts of the MoU.