Minister Bayraktar: Gas Agreement of 33 Billion Cubic Meters with Azerbaijan

New Natural Gas Agreement with Azerbaijan

Minister of Energy and Natural Resources Alparslan Bayraktar announced that a new natural gas supply agreement has been made with Azerbaijan for a total of 33 billion cubic meters. This supply will begin in 2029 and will last for 15 years.

Supply Details

Minister Bayraktar stated that the supply process will start in 2029, saying, "The signatures will soon be finalized; we concluded the final negotiations on Friday. There will be an annual production of 2.25 billion cubic meters from the Absheron Field, and we will receive this until 2040," he informed.

Affordable Gas Supply

Bayraktar emphasized that the supplied gas will come through a pipeline from Azerbaijan and the Caspian Sea, noting that they have found affordable gas.

Situation in Energy Markets

Bayraktar also commented on the impact of events in Venezuela on energy markets, stating, "Our expectation is that it will not have a significant negative effect on world oil markets. It is important to note that Venezuela accounts for less than 1% of world production.

Drilling Activities in Somalia

Bayraktar expressed a positive view on the drilling operation, which will be approximately 7 kilometers long and conducted in the Somali field by the Çağrı Bey Drilling Ship.

2026 Critical Year

He stated that they aim to produce the first electricity at the Akkuyu Nuclear Power Plant this year, adding that negotiations are ongoing for the Sinop and Thrace plants.

Graduated Tariff for Natural Gas

Regarding preparations for a graduated tariff for natural gas, Bayraktar said, "We will look at average city-based consumption. We are trying to make the supports effective," he explained.

Price Regulation

Bayraktar also spoke about possible changes in energy prices, stating that they will evaluate according to inflation and make price adjustments once a year based on the inflation rate.