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Iran and Azerbaijan sign MoU to double Turkmenistan´s gas swap

The trade turnover between Azerbaijan and Iran in 2021 was $440.8 million

Iran and Azerbaijan sign MoU to double Turkmenistan´s gas swap

Baku, June 6 - Neftegaz.RU. Iran has inked a memorandum of understanding (MOU) with Azerbaijan to double the amount of natural gas the country is going to swap with Turkmenistan.

Iran, Azerbaijan and Turkmenistan struck the deal on the sidelines of ECO Summit in December 2021 to swap 1.5 to 2 billion m3 of Turkmen gas to Azerbaijan, and now Iran and Azerbaijan have agreed on doubling this volume.

The MOU was signed by Iranian Oil Minister Javad Oji and Azerbaijan’s Economy Minister Mikayil Chingiz Oghlu Jabbarov.
Oji who visited Azerbaijan to attend the Baku Energy Week met and held talks with senior energy officials from different countries on the sidelines of the event.

The deal, which was signed after a 5-year suspension in Iran-Turkmenistan gas trade, will help ensure sustainable gas flow in Iran’s northeastern gas network and pave the way to turn Iran into an energy hub in the region.
Iranian Oil Minister Oji underlined the expansion of relations with Azerbaijan, saying:
  • The gas swap contract [that the 2 countries have signed recently] has provided the ground for cooperation in other sectors including transportation, power, trade and such areas
  • Iran and Azerbaijan have reached agreements to develop joint fields in the form of a joint working group
  • We are developing the oil industry without getting any help from foreign professionals
  • Iran is the world’s largest holder of oil and gas reserves in total, and the industry has been developed by local experts
Iran’s gas reserves are about 34 trillion m3, the country has the capacity to produce 1 billion m3 of gas per day, its oil production capacity is about 4 million barrels per day, and the annual production capacity of petrochemical products is about 92 million tons.

Teheran plans to reach its daily gas output capacity of 1.4 bcm per day in the next 8 years and the production of 6 million barrels of crude oil per day.

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