ANKARA (Sputnik) — Earlier in the day, Managing Director of the National Iranian Gas Company Hamid Reza Araqi said the International Court of Arbitration ordered Iran to reduce the price of gas exported to Turkey in the period from 2011 to 2015 and pay Ankara about $1 billion in compensation.
"International arbitration decided that Iran must give a discount on gas we purchase there in the range of 13.3-15.8 percent. It applies to the gas imported after July 1, 2011. On the terms of discounts the parties should agree in the coming months,” Albayrak told local NTV broadcaster.
Iran sells its gas to Turkey since 2001 and is the second largest supplier after Russia. According to media reports, the price Ankara pays for some 10 billion cubic meters of gas, supplied by Iran annually, reaches $490 per thousand cubic meters, which is higher than the price of Russian and Azerbaijani gas it gets.