Turkmenistan is ready to supply Iraq with 9 billion cubic meters of gas per year
Turkmenistan intends to supply Iraq with 9 billion cubic meters of natural gas per year under a swap agreement with Iran, Deputy Chairman of Turkmengaz Murat Archayev said on Wednesday, October 25, as the country seeks to diversify export markets.
Turkmenistan is one of the world's largest owners of gas resources thanks to the giant Galkynysh field. It is expected that negotiations with international investors on the second and third stages of the development of the Galkynysh field will bring a "breakthrough" in 2024, Archayev said during the Oil and Gas of Turkmenistan forum in Ashgabat.
As for the development of exports, Turkmenistan needs to find new markets for its gas, and it also attaches "great importance" to gas processing, Deputy Chairman of the country's Cabinet of Ministers Batyr Amanov said at the forum.
The development of export markets is "necessary" for the development of gas production, led by the Galkynysh field, while the main markets of the country are currently China and Russia, Amanov said.
Iraqi Energy Minister Ziad Ali Fadel is also taking part in the Ashgabat forum.
Chairman of Turkmengaz Maksat Babayev led a delegation to Baghdad on October 5-8 and held "detailed negotiations" with Iraqi Electricity Minister Fadel on gas supplies to Iraq as part of an exchange agreement through neighboring Iran. This followed the signing at the beginning of the month of a memorandum of understanding on gas imports from Turkmenistan to Iraq.
Iraq imported about 1.5 billion cubic feet per day from Iran via two pipelines, but supplies have been erratic, which is believed to be a reflection of difficulties transferring U.S. dollar payments to Iran due to U.S. sanctions, as well as increased domestic demand in Iran over the summer.
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