TEHRAN (PIN) – The international affairs manager of National Iranian Oil Co. (NIOC) said Tehran and Ankara would finalize their talks on transmission of gas of Iran and Turkmenistan to Europe via the Turkish territory next month.

Hojjatollah Ghanimifard told PIN the Iranian and Turkish oil ministers signed a memorandum of understanding Friday. The two sides held the last stage of talks on Turkey’s cooperation in the energy sector and the memo would make it possible to transmit Iran’s gas to Europe through pipeline laid in Turkey, said the official. Ghanimifard added, “According to the MOU, Turkey is allowed to transmit gas it purchases from Turkmenistan through a pipeline via Iran.” He said the details of the memorandum including the project structure, way of investment, and capital sharing would be defined within the next month and would be finalized and signed during the Turkish Minister of Energy and Natural Resources Hilimi Guler’s visit to Iran in mid-August. Iranian Minister of Petroleum Seyyed Kazem Vaziri- Hamaneh and Guler signed the memorandum on Iranian gas export to Europe via Turkey and Turkmen gas export to Europe via Iran. He called the agreement a “great step” towards expansion of bilateral cooperation in the field of oil and gas. He expressed hope that by materialization of the agreement, Iran’s gas would be exported to Europe. “Naturally, in order to export Iran’s gas to Europe, gas pipelines should be laid between the two countries,” said Vaziri-Hamaneh, adding that the project should be carried out on a 50-50 basis by the two sides. “The development plan of the South Pars gas field is to be implemented by Turkey,” he said, adding such moves would help bolster Tehran-Ankara bilateral cooperation. The agreement comprises several articles according to which Iran would be permitted to transit its gas to Europe via Turkey while Turkmenistan would transit its gas via Iranian territory, he added. Iranian and Turkish expert delegations are to study details of the work within one month, he said, adding, “During his visit to Tehran next month, Guler will discuss details of the work with the Iranian officials.” It was also agreed that the phases 22-24 of South Pars gas field would be developed by Turkey and gas would be provided to Iran through buyback agreement, Vaziri-Hamaneh said, adding that the details of the agreement would be followed up during Guler’s visit. Vaziri-Hamaneh arrived in Ankara Friday at the official invitation of Guler. He was accompanied by Ghanimifard and Nosratollah Seifi, managing director of the National Iranian Gas Company (NIGC)