Turkmenistan will export natural gas to Iraq
On November 8, 2023, a meeting between representatives of the State Concern “Türkmengaz” and the delegation of the Republic of Iraq led by the Minister of Electricity Ziad Ali Fadel took place in Ashgabat.
During the meeting, a representative of the Iraqi government expressed his country’s readiness to further develop mutually beneficial relations with Turkmenistan, which has great potential in the energy sector.
In this context, the parties considered issues related to the organization of supplies of Turkmen natural gas to Iraq under the SWAP scheme through the territory of Iran. In addition, legal, commercial, financial, and organizational conditions for future joint activities in the gas industry were discussed.
As is known, a Memorandum of Understanding was previously signed between the State Concern “Türkmengaz” and the Ministry of Electricity of the Republic of Iraq.
As a result of the current meeting, a Protocol was signed on the main commercial terms of the agreement on the sale, purchase and sale of Turkmen natural gas to the Republic of Iraq. According to the protocol, 9 billion cubic meters of Turkmen natural gas will be transported annually through Iran to Iraq under the SWAP scheme during 5 years.
Thus, Turkmenistan, which has huge reserves of hydrocarbon resources, firmly and consistently pursues a policy of further diversification of its energy supplies to world markets.