Turkey and Russia are actively negotiating the extension of two key contracts that involve the supply of pipeline gas. The existing agreements between the Russian gas monopoly and the Turkish state energy company Botas provide for the delivery of 21.75 billion cubic meters of gas annually. Their validity ends on December 31, but the parties intend to maintain annual volumes at around 22 billion cubic meters. In 2024, Turkey imported 21.6 billion cubic meters of gas from Russia, making it the second-largest buyer of Russian pipeline gas after China.
This is reported by Finway
Possible changes in the structure of Turkey’s gas market
Despite the active negotiations, energy market analysts note that the future of Russian gas in Turkey remains uncertain due to increased pressure from the United States, which is calling for a reduction in energy imports from Russia. In September, Turkey already signed a number of contracts for the purchase of liquefied natural gas, including from the United States. Additionally, an increase in Turkey’s domestic gas production from Black Sea fields is expected, which could lead to a surplus of fuel in the national market. At the same time, Ankara previously refused to join the new EU requirements for a complete abandonment of Russian fuel. This position of Turkey potentially opens a “loophole” for further supplies of Russian gas to the European energy bloc.
The situation with Russian oil and the reaction of international players
Regarding the export of Russian oil, Gunvor Group CEO Torbjorn Tornqvist is confident that despite the tightening of sanctions, Russia will continue to find ways to sell its energy resources in global markets. Gunvor Group is a major buyer of international assets from Lukoil. According to Tornqvist, China and some Indian refineries will continue to purchase Russian oil, despite calls from U.S. President Donald Trump to reduce energy imports from Russia.
Russia has consistently found loopholes to circumvent sanctions, so Russian oil will find buyers in the global market.