Turkey has formed a technical delegation in order to iron out the details of the "Memorandum of Understanding on Energy" signed between Turkey and Iran, on July 13 in Ankara.

Members of the technical delegation will pay a visit to Iran in the upcoming days, where they will hold meetings with their Iranian counterparts.

During the visit, executives of Turkish Petroleum Corporation (TPAO) will hold talks regarding the development and opening to production of the 22nd, 23rd and 24th phases of the South Pars Gas-Condensate field, located in Iran.

The South Pars Gas-Condensate field is the biggest gas field in the world, officials underscored.

TPAO TO SEEK PARTNER

Nearly 3-4 billion USD will have to be invested if TPAO starts natural gas production in the mentioned field, officials said. TPAO would start to seek partners in such case.

"We are planning to pump approximately 20 billion cbm of gas from this field. This is equal to nearly two-thirds of Turkey's annual requirement. The natural gas to be taken from the area will be pumped to Turkey through the pipeline to be built by BOTAS and the related Iranian company. While part of this gas will be used in Turkey, part of it will be carried to Europe," officials said.

"If Iran is a bit more late, it will miss the opportunity to enter the European market. Therefore, it should cooperate with Turkey as soon as possible," sources affirmed.