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ANKARA, Turkey, Feb. 27 (UPI) -- Iran must pay Turkey $750 million stemming from a case won by Turkish state-owned pipeline operator BOTAS in international court.
BOTAS won its case before the International Chamber of Commerce Commission on Arbitration on Feb. 17. The arbitration court found Iran must pay $750 million for refusing Turkish demands to lower gas prices under provisions requested in a 2003 contract, Turkish daily Today's Zaman reports Friday, citing anonymous sources.
The ruling said Iran is obligated to compensate Turkey for the losses from the higher gas prices since the initial 2003 request.
Turkey had requested a lower price because of lower-than-expected gas volumes, disruptions in transports and low-quality product.
Turkish officials said the ruling, however, will not impact the relationship between the two countries in the energy sector.
The details of the court decision had not yet been released to the public.
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