International Court of Arbitration

Iran to pay $1.9 billion to Turkey in gas dispute, reduce prices

Iran is expected to pay $1.9 billion as compensation to Turkey in line with a decision made by the International Court of Arbitration, Iran's Deputy Petroleum Minister Hamid Reza Araqi said on Jan. 24.      

Araqi said the two countries also agreed on a 13.3 percent discount on the prices of gas delivered from Iran to Turkey, according to semi-official Iranian Students News Agency. 

Bulgaria MPs Back Repaying Russian Nuclear Firm

The law proposed by the Bulgarian government on Tuesday, was adopted on a first reading with the support of 132 out of 140 lawmakers on Wednesday.

It allows the state electric company NEC to receive state aid in the form of an interest free loan and to use it to pay off its debts to Russia's state nuclear company Atomstroyexport.

Chinese Buy Rights to Oil Fields in Albania

Canada's Banker's Petroleum has announced the sale of oil exploration and production rights to affiliates of China's Geo-Jade Petroleum for a price of $442.34 million.

The Canadian company announced the news in a press release on Sunday, adding that the Chinese company is going to pay $1.69 per share. The board of directors of Bankers approved the deal unanimously.

Iran to fulfill arbitration decision on gas discount: Senior official

Iran has accepted a recent decision by the International Court of Arbitration over discounted Iranian gas being sold to Turkey and will meet the decision by giving Turkey more gas or through cash payments, a senior Iranian official has said in an exclusive interview with Anadolu Agency. 

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