Last may, Iran’s Petroleum Minister Bijan Namdar Zanganeh said the Islamic Republic is set to prepare the ground for a gas-for-goods deal with neighboring Turkmenistan.

Iran is Turkmenistan’s second largest trade partner after Russia.

The Islamic Republic exports machinery, construction materials, sedans, buses, food stuff, agricultural and petrochemical products, electrical products and home appliances to Turkmenistan, and imports natural gas, electricity, textiles and agricultural products from its northern neighbor.

Iran and Turkmenistan have had official diplomatic relations since Turkmenistan's independence from the Soviet Union in 1991. Iran was the first nation to recognize Turkmenistan as an independent country.

The two countries have maintained good relations ever since and have cooperated in the economic, infrastructure and energy sectors.