THE DEALS HAVE HARDENED FROM A $40 BLN NIOC-GAZPROM MOU IN JULY 2022 INTO A JUNE 2024 GAZPROM-NIGC AGREEMENT, WITH TEHRAN TARGETING IMPORTS

THE DEALS HAVE HARDENED FROM A $40 BLN NIOC-GAZPROM MOU IN JULY 2022 INTO A JUNE 2024 GAZPROM-NIGC AGREEMENT, WITH TEHRAN TARGETING IMPORTS OF UP TO 20 BCM A YEAR AND RUSSIA'S ENERGY MINISTER CONFIRMING AN INITIAL SUPPLY OF ABOUT 2 BCM A YEAR POTENTIALLY EXPANDING TO 55 BCM, THOUGH AS OF MID-2026 NO GAS HAS STARTED FLOWING AND BAKU HAS STAYED PUBLICLY SILENT, WARY OF LOOKING LIKE A TRANSIT ROUTE FOR SANCTIONED RUSSIAN GAS.