Türkiye and Azerbaijan sign 33 billion cubic metre gas supply deal for 15 years
Boru Hatlari ile Petrol Tasima AS (BOTAS), Azerbaijan's SOCAR, TotalEnergies and Abu Dhabi National Oil Company (ADNOC) signed a deal to supply 33 billion cubic metres of natural gas from Azerbaijan to Türkiye over 15 years starting in 2029. The agreement strengthens Türkiye's energy supply security.
TRT Haber Ekonomi · TRT HaberAccording to TRT Haber Ekonomi, the four-party agreement marks an important step in Türkiye's natural-gas supply diversification strategy. Energy and Natural Resources Minister Alparslan Bayraktar said at the signing ceremony that 'this agreement reinforces Türkiye's role as an energy corridor'. The contract delivers an average annual flow of 2.2 billion cubic metres over the 2029-2044 period.
BOTAS Director General Burhan Ozcan said the contract includes flexible quantity options and that TANAP and existing infrastructure have sufficient capacity. SOCAR board member Elnur Soltanov said the supply is expected to come from Shah Deniz 2 and new Caspian basin fields. TotalEnergies CEO Patrick Pouyanne stated that 'Türkiye continues to be a strategic hub at Europe's eastern gate'.
Wood Mackenzie analyst Murray Douglas said the deal could lift hub-contract pricing in the regional market. Capital Economics economist Liam Peach said BOTAS could add roughly 6 to 7 billion dollars in annual lira revenue if it uses re-export options to the European market. ADNOC Chief Executive Sultan Al Jaber announced the United Arab Emirates plans to expand investment in the Turkish gas market.
More from Europe
Lloyds, Halifax and Bank of Scotland back after online banking outage
Online banking and mobile app services at Lloyds Bank, Halifax and Bank of Scotland, all part of Lloyds Banking Group, returned to operation after an outage lasting several hours. The banking group apologised for the disruption to customers.
Turkish central bank reserves rise to $160.2 billion
Turkey's central bank gross foreign currency reserves rose against the previous week to reach $160.2 billion. According to Anadolu Agency, gold reserves also increased.
Germany sees fewer workers but longer hours, data show
Official data show that the number of workers in Germany has declined while average working hours have lengthened. The euro area's largest economy faces both labor market contraction and productivity pressure.