Turkey is currently engaged in negotiations with ExxonMobil, a major player in the energy sector, regarding a substantial LNG deal.
The country is seeking to build a “new supply portfolio” that will make it less reliant on any single partner, Energy Minister Alparslan Bayraktar told the FT in an interview.
Türkiye would secure up to 2.5 million tons of LNG a year through a long-term deal under discussion with Exxon, Bayraktar told FT.
The pact could last for a decade, he added.
Bayraktar said the commercial terms of the Exxon deal were still under discussion.
The reported deal with Exxon comes at a time when Russian exports to Europe are falling as Europe increases its LNG purchases from global producers to cut its imports of Russian pipeline gas in response to the conflict in Ukraine.
Russian exports of liquefied natural gas to Europe fell 1.9% to 15.8 million metric tons in 2023, according to LSEG data.
The negotiations highlight the mutual benefits of cooperation between nations and multinational corporations in addressing complex energy challenges. By leveraging ExxonMobil’s expertise and resources, Turkey can enhance its energy infrastructure and contribute to global efforts to transition towards cleaner energy sources. Ultimately, a successful LNG deal between Turkey and ExxonMobil could pave the way for further collaboration and innovation in the energy sector.
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