Bilateral trade between the nations is increasing. Between 2000 and 2005, this trade increased from $1 billion to $4 billion. Iran’s gas export to Turkey is also likely to be increased. At present, the rate is at 50mm cm/d. Turkey imports about 10 billion cubic meters a year of gas from Iran, about 30 percent of its needs. Turkey plans to invest $12 billion in developing phases 22, 23 and 24 of South Pars gas field, according to a senior Iranian oil official Two-way trade is now in the range of $10 billion (2010), and both governments have announced that the figure should reach the $20 billion mark in the not too distant future. 50 percent of the gas from three phases of Iran’s South Pars gas field will be re-exported to Europe. Turkey has won the tender for privatization of the Razi Petrochemical Complex, valued at $650 million (2008).