Bloomberg News

Iran, Turkmenistan May Swap Natural Gas for Oil, Shana Reports

October 19, 2011

Oct. 19 (Bloomberg) -- Iran and Turkmen officials are in talks on bartering natural gas for oil products and will meet in Ashgabat in two weeks, the Persian Gulf nation’s Oil Ministry said, citing the head of the National Iranian Gas Export Co.

Iran may take delivery of natural gas at the border with its northeastern neighbor and deliver crude or oil products in exchange, National Iranian Gas Export head Hossein Bidarmaghz said, according to a report today on Shana, the ministry’s news website. The Central Asian country currently exports 14 billion cubic meters of gas a year to Iran, Shana said.

In November, Iran and Turkmenistan started the second phase of a $1.2 billion pipeline that Iranian officials said may boost gas shipments to 20 billion cubic meters a year, according to state media reports at the time. Turkmenistan holds the world’s fourth-largest gas reserves.

--Editors: Torrey Clark, Randall Hackley

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus