Türkiye signs LNG purchase agreement with ExxonMobil

Baku, Azerbaijan, May 10. Turkish Energy Minister Alparslan Bayraktar’s X publication said Turkey’s BOTAS National Pipeline Company and ExxonMobil have signed an agreement in Washington to supply liquefied natural gas (LNG) to Turkey, Trend reported.

Bayraktar said the signed agreement is a long-term commitment that gives Turkey the opportunity to further diversify its energy resources.

“The addition of the United States to our list of long-term LNG supply contracts follows existing agreements with Algeria (20 years), Nigeria and other countries. The agreement with ExxonMobil we are discussing today would satisfy Turkey’s 8% demand for natural gas,” he explained.

Recall that Türkiye consumes more than 50 billion cubic meters of natural gas every year.

Previously, Turkish media reported that at current natural gas price levels, BOTAS had reached an agreement with Exxon Mobil to supply 2.5 million tons of liquefied natural gas worth US$1.1 billion per year.

In 2023, LNG’s share of Turkey’s overall gas procurement portfolio is 30%, but this may rise to 40% by 2024.

The country also receives pipeline natural gas from Russia, Azerbaijan and Iran, with Russian pipeline natural gas accounting for 40% of the natural gas consumed in Turkey.

The long-term contract to supply Russian natural gas to Turkey expires in 2025, and Bayraktar announced at the end of April the formation of a new natural gas contract portfolio for Turkey with multiple global suppliers.

According to Turkish Star, Turkey’s Energy Minister also announced the country’s plans to implement new energy projects with Caspian countries during his visit to Washington on May 9.

“The implementation of new infrastructure projects between Caspian region countries and Turkey will help ensure European and global energy security,” Belaktar said.

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