Iranian-Turkish Relations - Trade Relations

Trade Relations

Iran and Turkey also have very close trade and economic relations. Both countries are part of the Economic Cooperation Organization (ECO). Turkey receives many Iranian tourists each year and economically benefits from Iranian tourism.

Bilateral trade between the nations is increasing. In 2005, the trade increased to $4 billion from $1 billion in 2000. Iran’s gas export to Turkey is likely to be increased. At present, the rate is at 50mm cm/d. Turkey imports about 10 billion cubic meters a year of gas from Iran, about 30 percent of its needs. Turkey plans to invest $12 billion in developing phases 22, 23 and 24 of South Pars gas field, a senior Iranian oil official told Shana.ir. Two-way trade is now in the range of $10 billion (2010), and both governments have announced that the figure should reach the $20 billion mark in the not too distant future. 50 percent of the gas from three phases of Iran’s South Pars gas field will be re-exported to Europe. Turkey has won the tender for privatization of Razi Petrochemical Complex valued at $650 million (2008). On tourism, every year one million Iranians visit Turkey.