Turkey Seals Major LNG Contracts to Secure Energy Future

Turkey is set to finalize long-term contracts for liquefied natural gas (LNG) covering the 2027-2037 period, according to Energy Minister Alparslan Bayraktar. The agreements aim to secure 5-6 billion cubic meters of LNG annually, meeting 12-13% of Turkey's energy needs and diversifying its energy portfolio.

Turkey is on the verge of finalizing long-term contracts for liquefied natural gas (LNG) that will span from 2027 to 2037, as announced by Energy Minister Alparslan Bayraktar on Friday. These agreements are expected to secure around 5-6 billion cubic meters of LNG per year, fulfilling 12-13% of the country's energy requirements.

"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 finalize the last agreements," Bayraktar shared with broadcaster AHaber. Turkey's annual gas consumption exceeds 50 billion cubic meters.

The current long-term contracts for Russian gas supply to Turkey are set to expire in 2025. In late April, Bayraktar announced new contracts with various global suppliers, including Algeria, Qatar, Nigeria, and the United States. This strategy aims to stabilize Turkey's energy imports and lessen its dependence on pipeline gas.

At present, Turkey's gas supply relies on a combination of pipeline gas from Russia, Azerbaijan, and Iran, as well as LNG imports from various suppliers.

(With inputs from agencies.)