Arbitration Award decides against Iran on $760 million
September 5, 2014
Arbitration Award decides against Iran, in an arbitration dispute over the purchase price of natural gas. Iran will have to pay $760 million to the BOTAŞ (Turkish Oil Pipelines Corporation), and also might reduce the unit price for gas it sells to Turkey.
Earlier the decision be rendered the Turkish Energy Minister Taner Yıldız had announced that Turkey would be willing to buy more Iranian gas in case that Iranian gas were exported by lower prices
Background of the case
The Turkish Energy Minister Taner Yıldız said that Iran had not made a tangible proposal for the sale of natural gas at a discounted price to Turkey, on that scenario Turkey have to wait a decision from the arbitration on pricing issue.
Turkey depends on imports of natural gas from Iran, nevertheless Tehran is consider to be an expensive supplier.
Turkey's state-owned Petroleum Pipeline Corporation (BOTAŞ) applied to an international court of arbitration in 2012 for a ruling on Iran's gas pricing.
Turkey imports 10 billion cubic meters of Iranian gas per year, its second-largest supplier after Russia.
In early 2012, when Turkey opened an arbitration case against Iran, at that time Turkey was paying around $5 more than what Ankara paid for Russian gas, about $423 per cubic.
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