Turkish Energy Minister Hilmi Guler anticipated that Turkey may make a 12-billion-dollar investment in Iran on the basis of an agreement signed between the two countriesin Tehran, the official IRNA news agency reported on Tuesday.
According to the report, the money will be spent on developing Iran's offshore gas fields in southern Iran and construction of a 1800-kilometer gas pipeline from Assalouyeh, the gas field in southern Iranian province of Bushehr to Turkish border.
"We will implement every bilaterally inked agreement," the Turkish minister said, referring to the agreement signed by Iran'sOil Minister Gholam Hussein Nozari and Guler in Tehran.
Iran and Turkey also inked a memorandum of understanding (MoU) according to which Turkey will invest in developing gas fields in southern Iran and will buy 50 percent of its produced gas when the project is completed and also Turkmenistan's gas will be transferred via Iran to Turkey to be piped to Europe, according to IRNA.
Guler had said earlier that "Turkey and Europe need gas and we are trying to provide our need from Iran."
Reportedly, Iran will transfer 35 billion cubic meters of Turkmen gas to Turkey annually.
Turkey said earlier in November that the multi-billion-dollar energy agreements between Tehran and Ankara are expected to be signed by the end of 2008.
"Turkey currently took 27 million cubic meters of natural gas from Iran daily," Turkish news website World Bulletin said on the eve of Guler's travel to Tehran, adding that "23 million cubic meters more natural gas would be given to Turkey soon."
Guler arrived in Tehran on Saturday after completing his talks in Azerbaijan.
Turkey depends on Russia for 29 percent of its oil and 63 percent of its natural gas.