Turkey to tie up long term LNG contracts
LNG Journal
The world's leading source of LNG news and analysis. Ten publications, one price. Click "Sign Up" for a 14 day trial.
Turkey is to finalise LNG long-term contracts to cover the 2027/2037 period, Energy Minister, Alparslan Bayraktar said in a local broadcast.
They will be aimed at securing around 5-6 bill cu m of LNG annually to meet 12-13% of Turkey's energy needs.
"We will soon share with the public the details of these long-term LNG contracts for the 2027-2037 period. We are making every effort to finalise the last agreements," Bayraktar told broadcaster AHaber.
Turkey consumes over 50 bill cu m of gas per year.
Russian long-term supply contracts expire in 2025, and in late April, Bayraktar announced the formation of a new portfolio of Turkish gas contracts with global suppliers, including Algeria, Qatar, Nigeria and the US.
By securing these LNG supplies, Turkey aims to stabilise its energy imports and reduce dependency on pipeline gas.
The country currently relies on a mix of pipeline gas from Russia, Azerbaijan, and Iran, along with LNG imports from worldwide suppliers.