According to the Ministry of Foreign Affairs of Turkmenistan, this agreement was reached during the ongoing negotiations on July 1–3, 2024, in Ashgabat between the Turkmen and Iranian sides, within which a wide range of issues related to the further development of cooperation between Turkmenistan and Iran in the gas industry were discussed.

Following the meetings, the Turkmen and Iranian sides signed a contract for the purchase and sale of natural gas in the amount of up to 10 billion cubic meters of gas per year, which will be supplied from Turkmenistan to Iraq through Iran via swap supplies.

Furthermore, it was noted that the positive experience of joint activities in the field of Turkmen gas supplies to Iran and through its territory to third countries serves as a solid basis for building the potential of bilateral partnership in this area.

Meanwhile, the Turkmengaz State Concern estimates the nation's hydrocarbon resources at over 71 billion tons of oil equivalent. This volume includes more than 20 billion tons of oil and more than 50 trillion cubic meters of natural gas.