The International Court of Arbitration has ruled against Tehran in the gas dispute between Ankara, officials from Turkey's Energy and Natural Resources Ministry told Anadolu Agency on Tuesday.
Turkey brought the case to court for Iran's high natural gas prices applied to Turkey during the four year period between 2011 and 2015.
According to the ruling, Iran will compensate for the price of natural gas it exported to Turkey by 10-15 percent, according to Azerbaijan's Trend news agency, who cited Hamid Reza Araqi, the managing director of the National Iranian Gas Company.
The Trend news agency said that Iran was due to pay around $1 billion in compensation for the overcharge, however, the rate of discount has not yet been agreed on.
Turkey imported 10 billion cubic meters (bcm) of natural gas from Iran last year.
The country consumes around 45-48 bcm of gas per year.
(Anadolu Agency)
