IGEDC: Iraq to pay for Iran gas in euros


The Iranian Gas Engineering and Development Company (IGEDC) CEO announced that the country is due to receive payment for its gas supplies to Iraq in euros.
Hassan Montazer Torbati added that the central banks of Iran and Iraq have made the decision about the currency to be used for gas exports following the US sanctions against Iran, reported Fars News Agency.
Iran is currently exporting 36.24 million cubic meters of gas on a daily basis, which marks a 45-percent rise in comparison with the figures of the last Iranian year (ended March 20, 2018).
Iran’s Plan and Budget Organization announced in a report earlier this month that Turkey was the only importer of Iranian gas in the last year, but this year Iraq also started importing gas from Iran.
Iran owns the world’s largest natural gas reserves as the country is Turkey’s second biggest gas supplier after Russia.
Iran’s natural gas is of crucial importance to Turkey as the energy-hungry country uses a significant portion of imported Iranian gas to generate electricity.