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Natural gas prices to fall for Turkey amid diversification, new discoveries

Gas Materials 24 June 2021 11:51
Baku, Azerbaijan Trend News Agency Leman Zeynalova
Natural gas prices to fall for Turkey amid diversification, new discoveries

The price of natural gas imported to Turkey is expected to go down, Trend quoted CEO of SOCAR Turkey Zaur Gahramanov as saying.

He told Turkish media that Turkey will get a stronger position in talks on renewing the expiring agreements on natural gas supplies amid the latest discoveries in the Black Sea.
Turkey’s president announced on June 5 that a 135 billion cubic meter natural (bcm) gas reserve has been discovered in the Black Sea.

Turkey is expected to hold talks with Azerbaijan, Russia and Iran. The country’s agreement with SOCAR on Shah Deniz 1 expired in mid-April this year. SOCAR says no new contract has been signed yet, declining to comment on whether the talks are ongoing or not.

Gahramanov said the expected decrease in natural gas prices is based on the increasing supply, diversification of sources, increasing renewable energy sources.

The latest discoveries in the Black Sea will also increase the volume of supplies and strengthen Turkey’s position, he added.

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