[With thanks to IMRA for posting this article]

Turkey will invest $12 billion in Iran’s Pars offshore gas field, said Turkish Energy Minister Hilmi Guler.

“Turkey will invest $12 billion on developing phases of South Pars offshore gas field in southern Iran and construction of gas pipeline from Assalouyeh to Turkish border,” Hilmi Guler said yesterday.

Referring to the agreement signed by Iran’s Oil Minister Gholam Hussein Nozari and Guler in Tehran, the Turkish minister termed the agreement as vital.

“We will implement all bilaterally inked agreement,” Guler said.

Iran and Turkey inked a memorandum of understanding (MoU) according to which Turkey will invest in developing phases 22, 23 and 24 of Iran’s South Pars gas field and will buy 50 per cent of its produced gas when the project is completed.

As per the MoU, Turkmenistan’s gas will be transferred from Iran to Turkey and Iran will pipe its gas to Europe through Turkey.

Iran will transfer 35 billion cubic meters of Turkmen gas to Turkey annually.

Source: http://english.farsnews.com/newstext.php?nn=8708300946.