TEHRAN (Dispatches) - The Iranian Petroleum Ministry in a statement has rejected media reports it has been fined by the International Court of Arbitration (ICC) over a gas import deal with Turkmenistan.
The statement said that Turkmenistan’s state-run gas company Turkmengaz has never sought any indemnity from the National Iranian Gas Company (NIGC) over delayed payments related to a gas deal that was suspended three years ago over disagreements on price and other issues.
"It is reiterated that despite some media reports, the NIGC has not been ordered to pay any fine and basically, the complaint by the Turkmengaz has not been about ordering a fine,” said the statement.
Turkmengaz stopped supplying gas to Iran in 2017 after the NIGC resisted a demand for price hike while arguing that the quality and quantity of the gas supplied to areas in northeastern Iran was not consistent with the agreement between the two sides.
Media reports earlier on Monday suggested that based on ICC’s verdict, Iran should pay nearly $500 million in interest and fines on delayed payments over the Turkmengaz deal.