Turkey's Minister of Energy, Alparslan Bayraktar, has announced plans to establish a gas trading center as part of an international gas hub project involving Turkey’s state energy company Botaş and Russia's Gazprom. The center is expected to be operational by 2025.
“In 2025, we will establish a robust infrastructure that will support a trading platform at the Istanbul Financial Center, in partnership with Botaş and Gazprom,” Bayraktar told Milliyet newspaper, adding that a memorandum of understanding has been shared with the involved parties.
According to Bayraktar, Russian President Vladimir Putin has assured Turkish President Recep Tayyip Erdogan that Gazprom will receive directives to support the project. “An Istanbul gas index will be created, meaning gas prices will be set in Istanbul,” he explained. “From now on, when Russia sells its gas, they’ll say: ‘I am selling this gas based on the Istanbul gas index,’” Bayraktar added.
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Based on TASS materials