Iran inks 1st post-JCPOA gas swap deal

TEHRAN, Oct. 19 (MNA) – Deputy oil minister has inked the first major gas swap deal in the post-sanction era to swap three million cubic meters of Turkmen gas with Azerbaijan.

Hamid Reza Araghi, Managing Director of National Iranian Gas Company (NIGC), made the remarks noting that Iran receives the swap money in cash; “gas swap through Iran had begun in recent year by conducting transfer operations between Azerbaijan Republic and Nakhchivan Autonomous Republic,” he asserted.

The official had previously touched upon new plans to swap gas with Caspian Sea littoral states saying that relevant talks had kicked off with Azerbaijan Republic in order to create a gas swap corridor.

He further noted that no limitations existed on gas swap asserting “presently, more than 50 to 70 million cubic meters of gas are being consumed in northern Iran all of which can be delivered to the ports situated in the south of the country.”

The newly-signed gas swap deal marks the second agreement following the earlier one for transferring gas between Azerbaijan Republic and Nakhchivan Autonomous Republic.

Over the past 11 years in the timespan between 2015 to 2013, Iran swapped more than two billion cubic meters of Azerbaijani gas to Nakhchivan.

The swap contract for natural gas was sealed between energy officials of Tehran and Baku in the year 2004 and under the agreement, Iran delivers two million cubic meters of gas from Azerbaijan and delivers the same amount to Nakhchivan via Astara border.

HA/3799301

News Code 120644

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