A senior Iranian gas official said Tuesday that the final arbitration ruling on overcharges of natural gas prices between Iran and Turkey should be settled by summer.
According to Iran's energy information network Shana, Azizollah Ramezani, director of international affairs at National Iranian Gas Company (NIGC), said that he anticipates the process will be concluded by the end of summer.
Turkey brought the case to court because of Iran's high natural gas prices applied to the country during the four-year period between 2011 and 2015. In 2012, Turkey applied to the International Court of Arbitration over the overpriced gas.
The International Court of Arbitration ruled against Tehran in the gas dispute, officials from Turkey's Energy and Natural Resources Ministry said in February.
Both countries will present their cases, the court will review them to make a final decision as to the rate of compensation for Turkey which will be in the range of between 13 percent to 16 percent discount on the gas price.
"Rest assured, we will pay it back, and the problem will be solved soon," Iranian Deputy Foreign Minister Ibrahim Rahimpur told Anadolu Agency during Iran's National Day celebrations on Feb. 10 in Ankara.
Turkey imported 10 billion cubic meters of natural gas from Iran last year.
(Anadolu Agency)
