Turkish Parliament takes first legislative decisions regarding gas hub

The Turkish Parliament has started the process of amending legislation which is necessary for the start of the international gas trade center (gas hub), Turkish Minister of Energy and Natural Resources Fatih Dönmez said in an interview with CNN Turk.

"The first legislative decisions in the framework of the gas hub passed through the parliament. Due to these decisions, BOTA? Petroleum Pipeline Corporation, the state-owned crude oil and natural gas pipelines and trading company and other companies will be able to work much faster and easier. With the launch of the gas trade center, prices will also decrease, which is essential for Europe. Türkiye will become one of the markets defining the benchmark," the minister said.

Dönmez also noted that the country is considering options for cooperation with other countries for the transportation and sale of gas to Europe. In particular, there are agreements regarding Azerbaijan on the establishment of a joint venture.

The Turkish minister highlighted that Türkiye "has the capacity to purchase around 100 bcm of gas per year, of which 60 bcm it consumes itself, and 40 bcm can be sold to neighboring countries." Türkiye’s Ankara intends to use these free volumes as part of the bidding process at the emerging gas hub.

According to Dönmez, the previous legislation envisaged numerous restrictions opportunities in terms of exporting natural gas.