International Court of Arbitration rules Iran pay around $2 billion to Turkmenistan for earlier delivered gas

International Court of Arbitration rules Iran pay around $2 billion to Turkmenistan for earlier delivered gas

The International Court of Arbitration (ICA) announced its verdict over the Iran-Turkmenistan gas dispute, the Iranian English-language newspaper Financial Tribune reports.

“IRNA said based on information from the Oil Ministry and the National Iranian Gas Company (NIGC), Iran has been convicted for not paying for gas it bought from Turkmenistan from 2007 to 2013.”

“As per the verdict, the details of which have not been disclosed yet, Iran should pay almost $2 billion to Ashgabat to settle its debt”, the source says.

Also the newspaper notes, the Oil Ministry and the NIGC say under the ICA arbitration rules, the details of the verdict will not be issued unless the two sides agree on that.

The dispute between Turkmenistan and Iran dates back to 2017, when the Iranian side announced that, starting from January 1, 2017, Turkmenistan stopped gas supplies to the Islamic Republic of Iran. The Ministry of Foreign Affairs of Turkmenistan stated, that Ashgabat was forced to halt gas supplies to Iran on claims that NIGC’s past gas dues should be paid immediately. The two sides were locked in the dispute for years, and the Turkmengaz State Concern put in a claim to the International Court of Arbitration.

Nury AMANOV

0