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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iran turns to Turkmen gas to compensate for local production shortfall, boost exports to Iraq

    Rocky
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    • Post n°1

    Iran turns to Turkmen gas to compensate for local production shortfall, boost exports to Iraq Empty Iran turns to Turkmen gas to compensate for local production shortfall, boost exports to Iraq

    Post by Rocky Thu 29 Aug 2024, 5:18 am

    Iran turns to Turkmen gas to compensate for local production shortfall, boost exports to Iraq

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    On July 3, Turkmenistan and Iran signed a contract to supply 10 billion cubic meters of Turkmen natural gas annually, which Iran will then ship to Iraq.
    The Turkmen Foreign Ministry announced the agreement in a statement followed by "Al-Eqtisad News", but did not mention the price that Iran will pay for the gas. 
    The ministry's statement said that "Iranian companies will build a new 125-kilometer pipeline between Iran and Turkmenistan to expand the Central Asian country's supply capacity."
    “Turkmenistan, whose economy is heavily dependent on natural gas exports, also plans to increase its gas supplies to Iran to 40 billion cubic meters per year,” the ministry added. However, it did not specify a timeframe.

    Iran, which has the world’s second-largest natural gas reserves and is the world’s third-largest fossil fuel producer, has faced a shortage of natural gas during the winter due to rising domestic demand that limits its ability to export gas.
    The gas exchange with Turkmenistan will allow Iran to meet its export obligations. Turkmenistan has already carried out gas exchanges with Iran for several years, but the volume was relatively low, at only a few billion cubic meters per year. The

    lion’s share of Turkmenistan’s budget is derived from natural gas exports, which account for the fourth largest proven natural gas reserves in the world, estimated at 14 trillion cubic meters, according to statistics compiled by British Petroleum.
    Turkmenistan's current gas production is about 80 billion cubic meters, which means that the production period relative to proven reserves is 166 years, an unusually high figure by world standards, indicating that Turkmenistan has the potential to produce significantly more.
    But Turkmenistan has struggled to find markets for its vast natural gas reserves. Bordered by Russia, Uzbekistan, Iran and the Caspian Sea, Turkmenistan does not have the capacity to ship LNG directly to world markets.
    Turkmenistan is building a pipeline to supply gas to Afghanistan, Pakistan and India, where demand for natural gas is expected to rise dramatically in the coming decades. China is the country’s main customer for natural gas, accounting for about half of Turkmenistan’s annual production.
    For decades, Turkmenistan has been considering shipping natural gas via a pipeline across the Caspian Sea to Azerbaijan and on to Europe, but opposition from the littoral states of Iran and Russia, which was previously the largest supplier of natural gas to Europe, has left the idea in limbo.
    Europe's attempt to reduce demand for natural gas has raised questions about the viability of the pipeline.


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