MUMBAI (Commodity Online): Iran and Turkey has singed a one billion euro pact for building natural gas pipeline for transferring Iran gas to Turkey. As per the contract, Turkey to contribute 77% of total required fund for completing the 660- kilometer pipeline.
Turkey plans to increase the natural gas imports to 30 million cubic meters a day from current 25 million cubic meters of natural gas day. Iran has the world's second largest gas reserves and third largest oil reserves.
The contract was signed on the sidelines of Iranian Oil Minister Masoud Mirkazemi's meeting with Turkish Energy and Natural Resources Minister Taner Yildiz, ILNA News Agency reported.
National Iranian Gas Company's Managing Director Javad Owji and Turkey's BOTAS Petroleum Pipeline Corporation Managing Director Fazil Senel signed the contract.