Turkish gas hub project may start in 2024: Novak

ANKARA

The implementation of the Turkish gas hub project may start in 2024, Russian Deputy Prime Minister Alexander Novak has said.

“We have reached an agreement with our partners on preparing a respective roadmap that will be passed shortly, and within its framework we will proceed for ensuring the start of this project’s implementation,” said Novak an interview aired by the Rossiya-24 TV news channel on Dec. 25, TASS reported.

“Our Turkish partners will visit St. Petersburg in the near future to see our experience, and I am confident that it will be useful for ensuring the formation of the electronic trading platform and the hub on Turkish territory.”

The electronic trading platform in Türkiye will be aimed at the formation of the gas price quotation for South-Eastern Europe, Novak added.

Russian President Vladimir Putin first floated the idea of establishing a gas hub in Türkiye in 2022.

Russia is one of Türkiye’s largest suppliers of natural gas. In October, Türkiye bought 1.9 billion cubic meters of natural gas from Russia, accounting for 58 percent of Türkiye’s total natural gas import in that month, according to the latest data from the Energy Market Regulatory Authority (EPDK).

Novak also said that gas consumption in Europe has fallen by more than 100 billion cubic meters since 2021 to 490 billion cubic meters by the end of this year.