International energy trading platform may be launched next year: Minister

ST. PETERSBURG

The creation of the international platform that will include the trading of energy and minerals trade could be completed in 2024, Energy Minister Alparslan Bayraktar has said.

“We want to establish the trading platform at the Istanbul Financial Center. I think we can create this in 2024 if we work intensively with our partners,” Bayraktar said at a plenary session of the St. Petersburg International Gas Forum on Nov. 1.

The platform can offer great opportunities and incentives to all parties, traders, intermediaries and other stakeholders, he added.

Albayrak also said they are discussing the establishment of a gas hub in Türkiye with Russia’s Gazprom.

“We are consulting with Gazprom and our other partners the establishment of an electronic trading platform. This will not take a very long time. I hope we will have established this trading platform in about a year."

Türkiye wants to diversify its suppliers of natural gas, he added.

Türkiye is investing heavily in the TurkStream natural gas pipeline, which was built together with Gazprom, according to the minister.

“We have also invested heavily in underground storage facilities and capacities. As of today, Türkiye can purchase gas via LNG. It can meet nearly half of its needs via LNG.”

The establishment of a gas hub in Türkiye is no more than just an alternative platform, Interfax news service quoted Russian Energy Minister Nikolai Shulginov as saying.

"There's been a proposal, including from the Russian side, as to what should be done at this platform and what results should be received. All of this is still being worked on," he said.