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FT: Turkey in talks with ExxonMobil to secure LNG deal, aims to reduce reliance on Russian natural gas

by Sonya Bandouil April 29, 2024 4:14 AM 1 min read
Illustrative image: Birds stand on a fence against the background the liquified natural gas (LNG) tanker Rudolf Samoylovich, sailing under the Bahamian flag, moors at the dock of the Montoir-de-Bretagne LNG Terminal near Saint-Nazaire, France, on March 10, 2022. (Loic Venance/AFP via Getty Images)
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Turkey is in talks with U.S.-based ExxonMobil to secure a long-term liquified natural gas (LNG) deal worth billions of dollars, aiming to diversify its energy sources, Turkish Energy Minister Alparslan Bayraktar told the Financial Times on April 28. The potential agreement could provide up to 2.5 million tons of LNG annually for 10 years.

Bayraktar stressed Turkey's need to diversify and “build a new supply portfolio” ahead of expiring contracts with Russia and Iran, although Bayraktar noted that the terms of a potential agreement "were still under discussion."

Presently, Russia stands as Turkey's primary provider of natural gas, supplying over 40% of its consumption last year.

However, Turkey's Dortyol oil terminal in the Mediterranean Sea halted business with Russia as pressure caused by U.S. sanctions mounts, Reuters reported on March 5.

Data published by Turkey's Trade Ministry indicate that exports to Russia dropped by 33.7% in the first quarter of 2024 compared to a year earlier.

Bloomberg: Western sanctions curb Turkey’s trade with Russia
Turkish machinery exporters, who benefited from the surge in sales to Russia last year, may see their revenues drop by $1 billion in 2024 due to “ambiguous” sanctions, Bloomberg said, citing Kutlu Karavelioglu, the chairperson of the Machinery Exporters’ Association.
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