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

UPDATE: Turkey has just signed a major liquefied natural gas (LNG) import agreement with UK energy giant BP Plc. This crucial deal, confirmed by Turkish Energy Minister Alparslan Bayraktar, will see the state-run gas company Botas purchasing approximately 1.6 billion cubic meters of LNG annually for the next three years.

The announcement comes as Turkey seeks to enhance its energy supply security, particularly ahead of the winter months. Bayraktar emphasized on X that this agreement is pivotal for diversifying resource sources and bolstering commercial flexibility.

In a developing situation, additional agreements with Shell Plc and Eni SpA are also expected to be announced today during the Gastech conference taking place in Milan. This move aligns with Turkey’s broader strategy to reduce dependency on pipeline gas from Russia, especially as long-term contracts with both Russia and Iran are up for renegotiation within the year.

Turkey has actively pursued new LNG import agreements over the past two years. Botas is not only focused on securing gas supplies but is also exploring flexible volumes that can be re-sold, positioning itself as a more dynamic player in the global LNG market. Reports indicate that the company is considering acquiring or chartering two LNG carriers to further these trading ambitions.

“We need much more gas,” Bayraktar stated at the conference, highlighting Turkey’s increasing production from its Black Sea fields. He added that Turkey is exploring projects with partners in Central Asia, the Caspian Sea, Africa, and various regions of the Middle East.

This latest development underscores the urgent need for Turkey to secure energy supplies as geopolitical dynamics shift and the global energy landscape evolves. The implications of these agreements could resonate widely, affecting energy prices and supply chains across Europe and beyond.

As Turkey continues to solidify its position in the energy market, all eyes will be on the outcomes of the upcoming announcements with Shell and Eni, as well as any further strategic moves by Botas in the coming months.