Türkiye discusses LNG deal with US energy giant

According to Bayraktar, Türkiye is negotiating with Exxon for a long-term deal involving the supply of 2.5 million tons of LNG per year. The deal would cost Türkiye about $1.1 billion annually and would meet about 7 percent of the country's natural gas needs.

Bayraktar emphasized the importance of buying natural gas from different sources for security of supply, noting that the long-term contracts with Russia and Iran are coming to an end. These sources include Russia, Azerbaijan, Iran and LNG options. Türkiye is moving to reduce its dependence on a single supply partner and create a new supply portfolio.

Although the commercial details of the deal with Exxon are not yet clear, it was noted that Türkiye imported 5 million tons of LNG from the US last year. Exxon plans to increase its LNG portfolio to 40 million tons per year by 2030 and is working on new LNG projects.

He also defended Türkiye's energy relations with Russia, noting that competitive energy deals have protected the country from a major post-war energy crisis.