Politics
Trkiye regional gas hub could be operational in 2025, minister says
Trkiye is in ongoing negotiations with Russia over a deal to establish a gas trading hub, with plans for the Istanbul-based facility to potentially begin operations by 2025, according to a senior official.
Trkiye, which has announced its ambition to become a gas hub by increasing both imports and exports, is negotiating supply agreements with producers and consumers.
“We have established a solid infrastructure for a business platform that could operate as early as 2025 at the Istanbul Financial Center within the framework of the partnership between BOTA and Gazprom,” said Minister of Energy and Natural Resources Alparslan Bayraktar , in an interview with the Turkish daily Milliyet published on Friday.
“We have sent (to Russia) a memorandum of understanding,” Bayraktar said, adding that Russian President Vladimir Putin told his Turkish counterpart Recep Tayyip Erdoan that he would give instructions to Gazprom for the gas hub.
“There will be an Istanbul gas index. This means that gas prices will be determined in Istanbul… Russia will sell its gas at a price based on the Istanbul gas index,” Bayraktar said.
The hub project was first launched by Putin in 2022 after the Nord Stream pipeline explosions. Russia is seeking to replace lost sales to Europe, supporting Ankara's long-standing desire to function as an exchange for energy-starved countries.
In 2022, Russia proposed creating a gas hub in Turkey to replace lost sales to Europe, playing on Ankara's long-held desire to function as an exchange for energy-starved countries.
Russia's gas exports were significantly reduced after European countries imposed an embargo after Moscow launched its invasion of Ukraine in 2022.
Decreasing quantities of gas coming from Russia via Ukraine have highlighted Trkiye's role as a transfer facilitator in the region.
Russia currently supplies gas to Trkiye via the Blue Stream and TurkStream pipelines crossing the Black Sea.
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