Baku, January 24, AZERTAC
Iran will pay $1.9bn in compensation to Turkey after losing a gas price dispute case brought by Turkey before the International Court of Arbitration, according to Anadolu Agency.
Iran will also give 13.3% discount over gas price to Turkey, National Iranian Gas Company's managing director Hamidreza Araqi told a press conference January 24.
In 2012, Turkey referred Iran to the International Court of Arbitration for overpricing its gas sales to Turkey between 2011 and 2015. The court decided in Turkey's favour in February 2016 and ordered that both parties agree to a reduction in prices of between 10% and 15%.