Moscow and Ankara are cooperating on various initiatives related to natural gas exports and aim to further strengthen their energy partnership, Turkish President Recep Tayyip Erdogan announced on Tuesday. After his meeting with Russian President Vladimir Putin in Sochi, Erdogan stated that the two countries are developing projects to supply Russian energy to global markets through Turkey.
The key project under discussion is the creation of a gas hub in Turkey proposed by Moscow. This hub would redirect gas transit from Russia’s damaged Nord Stream pipelines to the TurkStream pipeline, connecting Russian natural gas supplies to the Turkish gas transportation network and subsequently to southern Europe. Erdogan emphasized that the gas hub would ensure the global supply of Russian energy and facilitate control over gas pricing. In line with this objective, Turkey is already building the required infrastructure and facilities, and now plans to establish a financial center dedicated to natural gas exports.
Erdogan revealed plans to create a hub similar to the centers in London and Hamburg, which would finance projects related to natural gas supplies, as well as other types of energy and the mining sector. This initiative is aimed at further enhancing Turkey’s role in the energy market and capitalizing on its strategic location. The Turkish president intends to further discuss this proposal with Russia.
During the press briefing, it was mentioned that the establishment of the gas hub in Turkey would involve the creation of an electronic trading platform. This hub could serve as a platform for determining the final gas price for European consumers, avoiding unnecessary politicization of energy supplies, as highlighted by President Putin. Erdogan stated that they expect Turkey to export approximately 40 billion cubic meters of natural gas per year through the planned gas hub, with deliveries set to begin in 2024.
According to Erdogan, the gas hub will have a positive impact on global energy costs, secure Turkey’s domestic gas supply, and transform the country into a new global energy center. This ambitious goal aligns with Turkey’s efforts to become a major player in the energy sector.
In summary, Moscow and Ankara are actively collaborating to strengthen their energy partnership. The proposed gas hub in Turkey would connect Russian natural gas supplies to global markets, helping ensure the global supply of Russian energy and facilitate control over gas pricing. Moreover, Turkey plans to establish a financial center dedicated to natural gas exports, positioning itself as a significant player in the energy market and aiming to become a new global energy center.
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