The Turkish Energy Minister, Berat Albayarak, declared that the country will reduce the selling price of natural gas by 10% for domestic and industrial consumers during October, reported Reuters.
This came as Turkey won their arbitration law suit against Iran for gauging gas prices. The court ordered both parties to agree on a 10-15% reduction in the price of Iranian gas exports to Turkey, according to Anadoul Agency.
In 2012, Turkey sued Iran in the International Court of Arbitration for overpricing on gas purchases during the four-year period of 2011-2015. The court decided in favor of Turkey during February 2016.
In a related news, the Turkish government will examine whether positive steps on TurkStream gas export project could be taken during Russian President Vladimir Putin’s visit to the World Energy Cogress due to take place in Istanbul during October. Russia had previously stated that it hoped to sign an agreement on the implementation of TurkStream, which is operated by Russian Gazprom.