Russia To Sell Natural Gas Directly To Turkey

May 22, 2007

Will sell 750 million cubic meters annually

Russian gas company Gazprom will sell up to 750 million cubic meters of natural gas per year to Turkish consumers under a deal signed with a Turkish energy group on May 22. The terms of the agreement last until 2021.

The deal was signed with Bosphorus Gas, a company set up in Istanbul in 2003 to take part in Turkey's natural gas market. The company is 60% owned by Turkey's Tur Enerji and 40% by Gazprom.

Gazprom signed an agreement with Turkish pipeline company Botas in 2004 that enables the Russian energy giant to sell directly to Turkish consumers.

In 2006, Gazprom exported a total of 20 billion cubic meters of gas to Turkey. Almost all of it was sold through Turkish intermediaries.

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