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Iraq and Turkmenistan make progress toward deal to transport gas via Iran

Iraq, currently dependent on Iran for gas and electricity, is seeking to develop its own gas supply as well as import gas from Turkmenistan.
Excess hydrocarbons being burned off at the Nahr Bin Omar natural gas field, north of the southern Iraqi port of Basra, January 22, 2018.

Iraq and Turkmenistan agreed to the terms of a gas deal on Wednesday, marking another important step in Iraqi efforts to diversify its supply.

An Iraqi delegation led by Electricity Minister Ziad Ali Fadel met with representatives of Turkmengaz, Turkmenistan’s state gas company, in the Turkmen capital of Ashgabat on Wednesday. During the meeting, the two sides signed a protocol stipulating that Turkmenistan will supply Iraq with 9 billion cubic meters of gas per year. In a statement on Thursday, Turkmenistan’s Foreign Ministry said the gas will be transported via Iran for five years.

Iraq had no immediate comment on the deal, and Turkmenistan did not provide financial details.

Why it matters: Iraq and Turkmenistan have been working toward a gas deal for some time. The two countries reached a preliminary agreement in August, when a delegation from Turkmengaz visited Baghdad, and the two sides signed a memorandum of understanding, according to S&P Global Commodity Insights.

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