Turkey to Transit 2 bcm of Iranian Gas to Europe

Turkey is expected to transit two billion cubic meters of Iranian gas per year to Europe, Tehran Times said citing a report by Mehr News Agency.

The two countries are close to finalize pricing terms and conditions, Tehran Times said.

National Iranian Gas Company Managing Director Javad Owji said Iran aims to triple gas shipments to some of its neighbours. “We are currently in talks with Turkey to win the right for gas transit via this country [to Europe],” Owji said.

Iran sits on the world's second-largest natural gas reserves after Russia and plans to increase its natural gas exports as a way to diminish its reliance on crude sales.