Tri-nation Gas Swap Agreement Could Transform Europe’s Energy Market

July 18, 2023

The gas swap agreement is anticipated to grow by 70% this year, bolstered by the expansion of Iran’s gas transit infrastructure and a new gas import agreement with Turkmenistan.
Azerbaijan relies on this increase in gas volume to meet its own growing domestic demand and its export commitments to Georgia, Turkey, and Europe.
Despite ongoing efforts to increase production from Azerbaijan’s Shah Deniz Caspian gas field and the exploration of new gas reserves, Baku will still have to rely on its swap deal with Iran and Turkmenistan to meet all its commitments.
The volume of gas being transited between Turkmenistan, Iran, and Azerbaijan under a groundbreaking three-way swap agreement signed in late 2021 is expected to grow by 70 percent this year according to Majid Chegeni, the head of Iran’s national gas company, NIGC.

Chegeni did not mention the volume of gas he expected to be transited to Turkmenistan this year but the original agreement allowed for between 1.5 and 2 billion cubic meters a year, a volume which numerous subsequent reports said would quickly be increased.
In mid-2022 Iranian oil minister Javad Owji announced the three partners had reached an agreement to double the volume of gas swaps.

While it’s unclear whether that agreement has been formally adopted, Iran has been pushing ahead with its own plans to expand its gas transit infrastructure with the apparent aim of boosting its capacity to transit gas between its neighbors

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