ISTANBUL (Reuters) – Turkish petrol company TPAO said on Wednesday it is pressing ahead with plans to invest $3.5 billion in Iran’s South Pars gas field and hopes to sign further agreements in the first quarter of next year.
The United States has protested against the plans and is preparing a bill that would punish any company or country that invests more than $20 million in the Islamic Republic.
Washington accuses Tehran of trying to build nuclear bombs and of sponsoring terrorism in the Middle East region.
“It’s our project and there is motivation between both countries. We are studying it now and hopefully next year, in the first quarter, we will sign more technical agreements,” the acting president of TPAO, Mehmet Uysal, told Reuters on the sidelines of an energy conference.
He confirmed earlier announced plans between Turkey and Iran to develop the South Pars field and export gas on to Europe.
The plan will also help transport gas to Turkey from Turkmenistan, with which Turkey has an export contract.
A team of Turkish energy officials travelled to Iran in August to discuss details of the plan.