Following a recent gas transfer agreement between Turkey and the Republic of Azerbaijan there is a strong possibility that Iran and Azerbaijan natural gas swap deal will be cancelled.
A local news agency reported that Iran and Azerbaijan had signed a natural gas swap deal back in 2004 agreeing to transfer daily about one million cubic meters of natural gas from Azerbaijan through Iran to Nakhchivan Autonomous Republic for 25 years.
However, this week high-ranking officials of Turkey and Azerbaijan signed a protocol of intent on the construction of Turkey to Nakhchivan gas pipeline, which will probably lead to the cancellation of the long-term, contract with Iran after only six years.
The State Oil Company of Azerbaijan and Turkey's Botas Company signed a protocol of intent for the construction of the gas pipeline from Turkey to Nakhchivan.