Iran owes Turkmenistan USD 2 Billion on account of the natural gas it purchased several years ago. Now, NIGC, the flagship gas company of Iran is offering to bring fully funded projects in any sector to settle this debt wholly or partially.
Reza Nowshadi, the managing director and chairman of the board of IGEDC (Iranian Gas Engineering & Development Company), a wholly owned subsidiary of NIGC, told nCa on 15 February 2023, “In exchange of the USD 2 Billion debt to Turkmenistan, we are ready to bring wholly funded projects to Turkmenistan in any field and not just the oil and gas sector.”
He said that we would provide the financing, design, construction, and supervision from start to the completion of projects.
We also offer to participate in the development of gas fields on any mutually agreed solution in the settlement of the debt, said Nowshadi.
He said that we have vast expertise and experience in this area. Nowshadi said, “We have 20 refineries and 90 compressor stations.”
Negotiations are already underway at the government level for the settlement of the debt and the ‘projects-for-debt’ may or may not be a part of the solution, depending how the negotiations proceed. However, it looks like a good option. /// nCa, 15 February 2023