Turkey to seek more flexible terms on new gas contracts after Black Sea find
Amid a changing environment following last month’s discovery of a major gas field in the Black Sea, Turkey will now be seeking more competitive pricing and flexibility when renewing long-term gas supply contracts, a senior energy official said.
Starting in April, almost a third of Turkey’s existing contracts, totaling 16 billion cubic meters (bcm) a year, will expire over the next year, including those with Russia’s Gazprom, Azerbaijan’s SOCAR and the liquified natural gas (LNG) deal with Nigeria. Those contracts are indexed to oil prices and include take-or-pay clauses.
“We started to discuss whether we are going to renew them or whether we are going to find alternative supply," the Turkish energy ministry official told reporters Wednesday. “It depends on the suppliers and it depends on the market players what kind of terms and conditions they are going to give us.”
(c) Daily Sabah
News.Az
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