Russia has prepared a road map for the proposed gas hub and submitted it to Türkiye, Deputy Prime Minister Alexander Novak said Friday, also stressing Azerbaijan’s intention to join the initiative.
The Kremlin last October floated the idea of creating a major gas-trading hub in Türkiye as Moscow worked to reroute its energy exports after European countries sharply cut their imports from Russia in response to its actions in Ukraine.
The plan followed unexplained explosions that damaged Nord Stream gas pipelines linking Russia with Germany under the Baltic Sea.
The project has garnered significant attention from both Türkiye and Russia, with other nations expressing interest as well, according to Novak.
"This project has attracted intense interest from both Türkiye and Russia. Additionally, there are other potential participants. For instance, Azerbaijan is also prepared to be part of the project," he told Anadolu Agency (AA) on the sideline of the Russian Energy Week in Moscow.
He also highlighted the potential for further international collaboration.
"We believe that other countries can also participate as gas suppliers. Establishing an electronic trading platform would be suitable, especially for Europe and Southeast Europe, to determine gas prices based on the volumes to be sold there,” he noted.
The project envisages the setting up of an electronic platform for gas sales in Türkiye.
Novak underscored the ongoing efforts in the establishment of the gas center and said a draft of the project has been prepared and is being considered by Türkiye.
"This project is being discussed now, a roadmap has been drafted and it has been submitted to Turkish partners. They are studying it now. As soon as it is signed it will be implemented as planned," he told an interview with RT Arabic.
"A road map has been prepared in collaboration with Gazprom and BOTAŞ, and adjustments are being made," he noted, stressing hopes the project would be signed in the near future, paving the way for its implementation.
Putin also echoed the aim to expand energy cooperation and the realization of a natural gas hub project with Türkiye during his speech at the Russian Energy Week.
Also speaking on the sidelines of the event, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said discussions regarding the project were taking place with Russian energy giant Gazprom, and stressed collaboration with Russia on various energy-related fields will continue.
Vast energy cooperation
Türkiye already serves as a major transit country for Russian gas, which is being shipped through the Black Sea via two pipelines. The Blue Stream and the Turkstream boast a combined capacity of almost 48 billion cubic meters (bcm) per year.
Novak said Russia and Türkiye have a history of successful cooperation in the energy sector.
He credited the success of these projects to the agreements reached between President Recep Tayyip Erdoğan and Russian President Vladimir Putin.
"Gazprom and BOTAŞ are jointly implementing these projects, and the pipelines are operating successfully. Deliveries are being carried out seamlessly in line with the design capacity. Therefore, I believe successful collaborations have been conducted in the energy sector, particularly in the natural gas industry."
The implementation of the gas hub project aiming at redirecting supplies and exporting them to the European market was delayed after devastating earthquakes jolted southeastern Türkiye in early February, causing widespread destruction across the region.
Türkiye, a NATO member state that has maintained relations with both Russia and Ukraine, currently imports almost all its gas needs and has extensive liquefied natural gas (LNG) import infrastructure. Ankara believes it can leverage its existing and new trade relations to become a gas hub.
Maximizing trade hub project
Bayraktar said Türkiye wants to establish a more extensive trade hub in which not only natural gas but also electricity and minerals are exchanged.
To achieve this, he explained that Türkiye wants to establish a larger trade center for natural gas, electricity and minerals at the Istanbul Financial Center. He called on other countries to endorse this aim to ensure secure energy supplies.
Bayraktar explained that the bilateral energy cooperation between Türkiye and Russia is not limited to natural gas but encompasses nuclear power, oil, oil products and coal.
"Russian companies and Russia have a great track record of being a trustworthy supplier to Türkiye," Bayraktar said, referring to the almost 40-year history of economic collaboration, particularly in natural gas.
“Türkiye also plays a significant role in Russia's efforts to develop a stable and expanding market and, hence, the ongoing, long-term collaboration between us," Bayraktar told AA.
Bilateral energy cooperation has extended to nuclear power and to the Turkish-Russian collaboration to build Türkiye’s first nuclear power plant, the Akkuyu Nuclear Power Plant, which Bayraktar said was one of the largest among the nuclear plants currently under construction.
In April, nuclear fuel was delivered to the Akkuyu site, granting it international nuclear facility status, Bayraktar explained, adding that “now, we are awaiting the day when we will produce electricity from the first reactor," Daily Sabah reports.
