Turkey extends gas contracts with Russia - Plan includes purchase of US LNG to diversify sources
Turkey extended two gas import contracts with Russia, totaling 22 billion cubic meters, by one year. The country is also considering investments in gas production in the United States as it seeks to diversify its energy sources, according to official sources.
Turkey, the last European market for Russian natural gas, has gradually reduced its share of Russian supplies, which has now fallen below 40%. Two contracts with Gazprom expire at the end of the year.
Ankara has also signed a series of deals to purchase liquefied natural gas (LNG), most of it from the United States, capitalizing on expectations of a global LNG surplus over the coming years.
"The country will continue to be supplied by Gazprom next year. But we are focusing more on the short term... about a year," the Energy Ministry announced.
Turkey is also negotiating a 10 billion cubic meter import contract with Iran that expires in July next year. The country plans to invest in gas production facilities in the US to secure the purchase of up to 1,500 LNG cargoes from the US over the next 15 years.
The United States became the fourth largest supplier of gas to Turkey this year with 5.5 billion cubic meters, a share of 14% of the total.
Ankara expects the country's electricity consumption to increase significantly and plans to build two nuclear power plants to supplement total production capacity.
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