Regarding reports by Turkish media that the International Court of Arbitration has handed down a pro-Iran verdict in the case of a dispute between Tehran and Ankara over the gas price, the Iranian official said based on the agreement signed between Iran and Turkey, both countries are entitled to refer to international arbitration over the price of exported gas.

In line with a 25-year contract signed by the two countries in 1996, Turkey imports about 10 billion cubic meters of gas per year from its eastern neighbor. Ankara, however, has filed a case with the International Court of Arbitration on Iran's gas price, which Turkey deems to be too high.

“Since the outcome of the first arbitration in the gas dispute was in Iran’s favor, the second arbitration will most probably be in Iran’s favor as well,” Azizollah Ramezani added.

During recent years, Iran, which according to the latest review of world energy by the London-based oil giant, BP, possesses the world’s largest proven gas reserves, has been taking major steps to boost production and export of natural gas by increasing foreign and domestic investment, especially in its South Pars offshore gas field.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.