Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Iran, Turkmenistan Agree on Natural Gas Barters, Official Says

Don't Miss Out —
Follow us on:

March 6 (Bloomberg) -- Iran and Turkmenistan reached an agreement for the Persian Gulf country to export goods to Turkmenistan in exchange for some of the natural gas it purchases from its northern neighbor, a trade official said.

Iran buys about $3 billion of natural gas from Turkmenistan a year, Abdol-Hamid Asadian, head of the Trade Promotion Organisation’s bureau for Europe and Americas, was quoted as saying by the state-run Iranian Students News Agency. The report didn’t provide details of the arrangement.

Tightening banking and energy sanctions against Iran over its nuclear program have complicated financial transactions with the Persian Gulf country. New U.S. sanctions that came into force last month aim to make buyers of Iranian oil pay in their local currencies, with the funds kept in escrow accounts and available for Iran only to buy locally sourced goods and services.

Iran imports about 18 million cubic meters of gas a day from Turkmenistan, and as much as 30 million cubic meters in winter months, state-run media reported in November. The nation, holder of the world’s second-largest gas deposits, imported 10.2 billion cubic meters from Turkmenistan in 2011 and exported 8.4 billion cubic meters to Turkey, according to the BP Plc Statistical Review of World Energy.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.