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Iran to Pay Turkey $1.9Bln as Compensation Over Gas Price Dispute - Reports

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Iran will pay Turkey a $1.9-billion compensation package in accordance with a decision by the International Court of Arbitration which ruled in favor of Turkey... 24.01.2017, Sputnik International

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Iran to Pay Turkey $1.9Bln as Compensation Over Gas Price Dispute - Reports

16:55 GMT 24.01.2017 (Updated: 16:56 GMT 24.01.2017)

Iran will pay Turkey a $1.9-billion compensation package in accordance with a decision by the International Court of Arbitration which ruled in favor of Turkey in a gas pricing dispute in February 2016, local media reported Tuesday.

MOSCOW (Sputnik) — According to the Anadolu Agency, both Iran and Turkey also agreed on a 13.3-percent discount on the prices of gas delivered from Iran to Turkey.

In 2012, Turkey decided to take Iran to the International Court of Arbitration, claiming that the country had ramped up gas prices too high during the period between 2011 and 2015. In 2016, the court ruled in favor of Turkey, and ordered a reduction of gas prices on Iranian gas exports to Turkey.