Turkey plans long-term LNG contracts to secure energy needs from 2027 to 2037
Date
7/28/2024 6:03:47 AM
(MENAFN) Turkish energy Minister Alparslan Bayraktar announced on Friday that Turkey is in the final stages of negotiating long-term contracts for the purchase of liquefied natural gas (LNG) to cover the period between 2027 and 2037. The aim of these agreements is to secure approximately five to six billion cubic meters of LNG annually, which will meet 12 to 13 percent of Turkey's energy requirements.
In an interview with A.Haber TV, Bayraktar emphasized the government's commitment to finalizing these contracts soon, highlighting the importance of stable energy imports for the country's economic and energy security. Turkey's annual gas consumption exceeds 50 billion cubic meters, and the forthcoming LNG agreements are part of a strategic effort to diversify and stabilize its energy supply.
The necessity for these long-term contracts arises as Turkey's current long-term agreements for Russian gas are set to expire in 2025. To address this impending gap, Bayraktar revealed in late April that Turkey is forming a new portfolio of gas contracts with various global suppliers, including Algeria, Qatar, Nigeria, and the United States.
By securing these LNG supplies, Turkey aims to reduce its dependence on pipeline gas imports, which currently come from Russia, Azerbaijan, and Iran. This diversification strategy is intended to enhance energy security and ensure a stable supply of natural gas, crucial for the country's economic stability and growth.
Overall, these long-term LNG contracts are a key component of Turkey's broader energy strategy, aimed at ensuring reliable energy sources while mitigating risks associated with geopolitical tensions and fluctuating global gas markets.
MENAFN28072024000045015682ID1108490663
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.