Arzuw NEWS - Turkmenistan news

Financial Tribune: arbitration ordered NIGC to pay Turkmenistan $2 billion.

The Financial Tribune reports that the International Court of Arbitration has ruled on the gas dispute between the National Iranian Gas Company and Turkmengaz. According to the source, the arbitration ordered NIGC to repay the debt for Turkmen gas supplies from 2007 to 2013 in the amount of about $2 billion.

The report says that under the rules, details of the ruling can only be released if all parties to the dispute have consented to disclosure.

The conflict between NIGC and Turkmengaz arose in 2016, when Turkmenistan demanded payment of $1.8 billion for the gas supplied. Despite lengthy negotiations, the parties could not reach an agreement, and in August 2018. "Turkmengaz filed a lawsuit against NIGC in International Arbitration. The Iranian partners filed a counterclaim in October 2018.

Source: financialtribune.com

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