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On February 14 and 15, Turkey will host a gas summit bringing together exporters and importers of natural gas, Turkey’s Energy Minister Fatih Donmez said on Monday.
“We will bring together supplier countries from the Middle East, Mediterranean, Caspian and Middle Asia with consumer countries from Europe,” Reuters quoted Donmez as saying today.
Since the Russian invasion of Ukraine, Turkey has pitched itself to become a gas and energy trading hub in the region.
Donmez said on Monday that Turkey would look to bring together supplier and consumer countries and “become the gas-trading center where the benchmark price of gas is set.”
In November, Donmez told local broadcaster TRT Haber that Turkey could host a conference of natural gas suppliers and importers as part of its efforts to set up – with Russia – a natural gas hub locally.
“We could organise an international gas conference, perhaps in January or February, to bring together gas suppliers and importer countries to take their opinion, we will proceed according to that,” Reuters quoted the Turkish minister as saying.
Turkey is preparing to potentially host a gas hub for Russian and other gas, although that may not be politically palatable to the EU.
At the end of last year, Turkish President Recep Tayyip Erdogan and Russia’s President Vladimir Putin agreed to set up a natural gas hub in Turkey, the Turkish president said.
A week earlier, Putin suggested that Russia redirect natural gas supplies intended for the damaged Nord Stream pipelines to the Black Sea in order to create a European gas hub in Turkey.
Since Putin first suggested the creation of the gas hub in Turkey, the two countries have not wasted time and instructed in October their respective energy regulators to immediately begin technical work to make the Russian proposal a reality.
“There will be no waiting” on this issue, Erdogan has said, as carried by AP.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
The second fact is that it is inevitable that Russian gas supplies will return to Europe if not via repaired Nord Stream 1 and Nord Stream 2, it will be via the Turk Stream pipeline connecting Russia and Turkey under the Black Sea. Russia could eventually redirect natural gas supplies intended for the damaged Nord Stream pipelines to the Black Sea in order to create a European gas hub in Turkey.
The EU will have no alternative but to resume ordering Russian gas supplies but not at the pre-Ukraine-conflict level. If the EU is going to keep its chemical, food and heavy industries competitive, it will need some cheap gas. And there is no cheaper gas for Europe than Russia’s.
One salutary lesson emerged from the global energy crisis is that energy security and the energy needs of the economy take precedence over climate changes dictates and energy transition and also political differences..
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert