[link|http://www.iht.com/articles/ap/2007/07/14/business/ME-FIN-Iran-Turkey-Energy-deal.php|International Herald Tribune]
ran and Turkey have signed a deal on energy cooperation and agreed to develop part of the giant South Pars gas field in the Persian Gulf on buyback basis, state-run radio reported Saturday.

"It was agreed that Turkey would develop three phases - 22, 23 and 24 - of South Pars and offer the gas produced to Iran on buyback (basis)," state-run radio quoted Iranian Oil Minister Kazem Vaziri Hamaneh as saying.

The complete details are secret, but the basics are that Turkey will develop some oil fields in Iran and pay Iran back in oil. This is a big deal for Iran, which despite having huge reserves has had problems in recent years because of US sanctions. It also is a good sign that Turkey intends to go their own way, following neither US or EU lead.