Turkey Secures LNG Import Deals with BP, Shell, and Eni

Turkey has signed a significant liquefied natural gas (LNG) import agreement with UK energy giant BP Plc, aiming to enhance its energy supply. The state-run gas company, Botas, will purchase approximately 1.6 billion cubic meters of LNG annually from BP for a duration of three years. Turkish Energy Minister Alparslan Bayraktar announced the deal on social media platform X, although he did not provide a specific start date for the agreement.

While at the Gastech conference in Milan, Bayraktar indicated that further agreements with Shell Plc and Eni SpA would also be revealed, highlighting Turkey’s commitment to securing additional energy supplies. The announcements are part of Turkey’s broader strategy to diversify its energy sources and reduce reliance on pipeline imports, particularly from Russia.

The agreement with BP is considered crucial for Turkey’s energy security, especially during the winter months. Bayraktar emphasized the importance of increasing resource diversity and enhancing commercial flexibility in the country’s energy strategy. He stated, “This deal is particularly important in terms of ensuring our supply security.”

Turkey has actively pursued new LNG import agreements over the past two years, reflecting its efforts to shift away from an import mix that has heavily favored pipeline volumes from Russia. With long-term contracts with both Russia and Iran approaching renegotiation within the next year, Turkey is seeking to secure more flexible LNG volumes that can be resold, thus enabling Botas to become a more dynamic player in international energy markets.

In line with these ambitions, Botas is also looking to acquire or charter two LNG carriers to bolster its trading capabilities. “We need much more gas,” Bayraktar said during a panel discussion at Gastech, pointing to the rising natural gas production from Turkey’s Black Sea fields. He further remarked on Turkey’s exploration of potential projects with partners in regions such as Central Asia, the Caspian Sea, Africa, and various areas of the Middle East.

As Turkey solidifies its position as a key player in the LNG market, these agreements with global energy majors signify a pivotal step in ensuring a stable and diversified energy supply for the nation.