ByTsvetana Paraskova– Feb 25, 2025, 5:06 AM CST
Turkey will look to negotiate an extension to a five-year swap agreement to receive natural gas from Turkmenistan, Turkish Energy Minister Alparslan Bayraktar told local daily Hürriyet on Tuesday.
Two weeks ago, Bayraktar announced that Turkish state firm BOTAS and Turkmenistan’s Turkmengaz signed an agreement to supply gas from the central Asian country to Turkey.
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As part of the agreement, natural gas flows are planned to start on March 1, 2025, Bayraktar said on X.
“With this agreement, which we have been working on for many years, we will strengthen the natural gas supply security of our country and our region, while furthering the strategic cooperation between the two countries,” the Turkish minister added.
Turkey currently imports the gas it consumes from Russia, Azerbaijan, and Iran. Russia accounts for more than half of supplied volumes.
For its part, Turkmenistan, rich in natural gas, has been vying for an export route of its gas to Europe, after Russian pipeline flows to the EU slumped in the wake of the Russian invasion of Ukraine.
Turkmenistan has been negotiating gas exports to Turkey and global markets through swap deals, with a focus on electricity supply to Afghanistan.
Commenting on the imminent start of the supply deal with Turkmenistan, Turkey’s Bayraktar told Hürriyet today that “We have a long-term swap agreement target. This year, we are likely working on a program to extend the five-year swap agreement.”
Under this swap agreement, gas from Turkmenistan will be delivered via Iran and 1.3 billion cubic meters of gas will be delivered this year, the minister added.
“Ideally, our main goal is to bring Turkmen gas to Türkiye through a Caspian-transit pipeline as was initially planned,” Bayraktar told Hürriyet.
Turkey is also boosting natural gas production from its Black Sea operations, where massive gas reserves have been found in recent years.
“Daily gas production will double by the third quarter of 2026 to 20 million cubic meters. Therefore, we will be able to supply 7.5 billion cubic meters of gas annually, which means covering 15 percent of our consumption with our own gas,” Bayraktar told Hürriyet.
By Tsvetana Paraskova for Oilprice.com
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