Turkey wants to become a natural gas 'supermarket'

Turkey will hold a natural gas summit on February 14-15 to bring together gas supplier countries and Europe’s consumer countries in Istanbul, Turkish Energy Minister Fatih Donmez said on Monday.

“We will bring together supplier countries from the Middle East, Mediterranean, Caspian and Middle Asia with consumer countries from Europe,” Donmez said.

Turkey, which has little oil and gas, is highly dependent on imports from Russia, Azerbaijan and Iran, as well as LNG imports from Qatar, the United States, Nigeria and Algeria for its gas.

In October, Russia’s President Vladimir Putin proposed setting up a gas hub in Turkey following explosions that damaged Russia’s Nord Stream gas pipelines under the Baltic Sea.

Some Western capitals were concerned that a Turkish hub including Russian gas could allow Moscow to mask exports that are sanctioned by the West over the Russian invasion of Ukraine.

Turkey has the infrastructure and experience in gas trade and authorities are taking steps for it to be a hub where regional benchmark prices are set, Donmez said.

“Our target is to bring together supplier and consumer countries and become the gas-trading center where the benchmark price of gas is set,” Donmez said after separately announcing a 10-year gas deal with Oman.