Turkey's Energy and Natural Resources Minister Berat Albayrak has announced 10 percentage discount will be made on natural gas, saying that the discount will be valid starting from October 1.
Albayrak recalled the arbitration case between Turkey and Iran has been ruled in Turkey's favor and the repayment procedure is to be finalized soon. “The discount will stimulate competition,” he said.
The minister also stated that Ankara doesn't have a projection of an increase for electricity prices, adding a discount is possible.
“We are not thinking about an increase in electricity. Moreover, it is more likely that there would strongly be an electricity price decrease in the event of a cost decrease,” he said.
In 2012, Turkey sued Iran in the International Court of Arbitration for overpricing on gas purchases during the four-year period between 2011 and 2015.
The court decided in favor of Turkey in February 2016 and ordered that both parties agree on a reduction between the rates of 10 percent and 15 percent in the price of Iranian gas exports to Turkey.
Turkey imports 10 billion cubic meters of natural gas from Iran annually.
