Turkey to sign long-term LNG purchase contracts, minister says
ANKARA, July 26 (Reuters) - Turkey is set to finalise long-term contracts for liquefied natural gas (LNG) to cover the 2027-2037 period, Energy Minister Alparslan Bayraktar said on Friday.
The agreements, aimed at securing approximately 5-6 billion cubic metres of LNG annually, will meet 12-13% of Turkey's energy needs.
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"We will soon share with the public the details of these long-term LNG contracts for the 2027-2037 period. We are making every effort to finalise the last agreements," Bayraktar told broadcaster AHaber.
Turkey consumes over 50 billion cubic metres of gas per year.
Long-term contracts for the supply of Russian gas to Turkey expire in 2025, and Bayraktar in late April announced the formation of a new portfolio of Turkish gas contracts with various global suppliers including Algeria, Qatar, Nigeria and the United States.
By securing these LNG supplies, Turkey aims to stabilise its energy imports and reduce dependency on pipeline gas.
The country currently relies on a mix of pipeline gas from Russia, Azerbaijan, and Iran, along with LNG imports from various suppliers.
(Reporting by Can Sezer, Writing by Ece Toksabay,Editing by Louise Heavens)