According to PIN, Iranian Oil Minister, Gholam-Hossein Nozari, and his Turkish counterpart, Hilmi Guler, signed the accord in Tehran.
Nozari, in a joint press conference with Guler, said that based on the agreement, 50 percent of the gas from phases 23 and 24 of South Pars gas field would be sold to Turkey.
Nozari said the opportunity should be seized in line with the interests of the two nations.
He went on to say that a second part of the accord covered transferring gas to Turkey from Iran, and a third element covered transferring 35 billion cubic meters of gas a year on to Europe.
Nozari also cited the deal focuses on the construction of an 1800-kilometer pipeline for transferring natural gas from Assaluyeh to the Turkish border.
"We have had positive negotiations with Iranian officials and they have promised us there will not be any problem with respect to gas supply to Turkey this winter, and we have no worries," Guler said.
Turkish Energy Minister Hilmi Guler has been in Iran to discuss expanding energy cooperation.