The International Court of Arbitration has made a decision on the gas dispute between Iran and Turkmenistan
The International Court of Arbitration has adopted a decision for both sides on the dispute between the National Iranian Gas Company and State Concern "Turkmengaz", as was informed by the leading Iranian mass-media. The International Court of Arbitration court considered the dispute between the National Iranian Gas Company (NIGC) and SC "Turkmengaz" and according to arbitration rules, the decision cannot be extended without the consent of all participants of trial, as reported by the Iranian news agency Young Journalists Club referring to the press-service of the Ministry of Oil of IRI. In the text of the press release the Ministry of Oil of IRI, expressed its reaction and opinion concerning the given decision of the International Court of Arbitration, is noted that the trial between "Turkmengaz" and the National Iranian Gas Company is a commercial claim which has no winner or lost. According to the Iranian party, the passed decision has different aspects, and in one cases views of company "Turkmengaz" prove to be true, and in others – opinions of the National Iranian Gas Company are supported. «This decision will pave a way for the further development of relations between two friendly and neighbouring countries», - as it is summed up in the press release of the Ministry of Oil of the Islamic Republic of Iran. It is necessary to note that Turkmenistan and Iran - old partners in gas trade, but in recent years the National Iranian Gas Company (NIGC) has accrued big debts for Turkmen natural gas which was earlier delivered to the Iranian side in conformity with bilateral agreements. Earlier the management of "Turkmengaz" stated that, during meetings and negotiations with the Iranian representatives concerning their debts for Turkmen natural gas, it was not possible to reach a concerted decision. For adoption of a joint, mutually acceptable decision, the sides made a decision to apply to the International Court of Arbitration.
