Istanbul: Future Hub for Global Gas Trade

Turkey is in talks with Russia to establish a gas trading hub in Istanbul, set to start operations by 2025. The hub aims to increase Turkey's role in global gas exchanges. A partnership between Botas and Gazprom will cement Istanbul as a primary index for gas pricing.

Turkey is advancing discussions with Russia to establish a significant gas trading hub in Istanbul, projected to commence operations by 2025, according to statements from the Turkish energy minister.

The initiative aims to fortify Turkey's status as a central player in global gas exchanges, by boosting its capacity for both imports and exports. Central to this development is a partnership with Gazprom, as announced by Minister Alparslan Bayraktar in a recent interview.

The prospective Istanbul Gas Index will enable gas prices to be set locally, solidifying Russia's commitment to using Istanbul as a pivotal venue for its gas sales, following its reduced market in Europe due to political tensions.

(With inputs from agencies.)