Politics
Turkey announced the creation of a gas trading center in Istanbul in 2025
By Alimat Aliyeva
The gas trading center, as part of the international gas hub project, involving Bota and Gazprom, is expected to be created in 2025, Azernews reports.
“During the year 2025, we will create a robust infrastructure that, in partnership with Bota and Gazprom, will manage the trading platform of the Istanbul Financial Center. We have sent a memorandum of understanding to the relevant parties,” said Bayraktar to the Milliyet newspaper.
“[Russian President Vladimir] Putin confirmed to our president [Recep Tayyip Erdogan] that he will give instructions to Gazprom in this regard. The Istanbul Gas Index will work here, which means that the price of gas will be determined in Istanbul,” the Turkish minister explained. “From now on, when Russia sells its gas, it will say: 'I sell this gas according to the formula with Istanbul. Gas index,” added Bayraktar.
This initiative reflects Turkey's ambitions to become a regional energy hub and highlights its strategic importance in the global energy market. As countries increasingly seek alternatives to traditional energy sources, the creation of the Istanbul Gas Index could provide a new benchmark for gas prices, potentially influencing energy trade dynamics in Europe and beyond. Additionally, the project aligns with Turkey's broader goals to diversify energy routes and strengthen energy security in the region.
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