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Commercial Documents on Gas Supplies to Turkey in 2012

Source: www.gulfoilandgas.com 12/28/2011, Location: Asia

In the Government House of the Russian Federation Alexey Miller, Chairman of the Gazprom Management Committee and Fazil Senel, General Manager of Botas signed in the presence of Vladimir Putin, Chairman of the Government of the Russian Federation and Taner Yildiz, Minister of Energy and Natural Resources of the Republic of Turkey an addendum to the Gas Purchase and Sale Contract of 1997 (supplies via Blue Stream) as well as an addendum to the Contract of 1998 (supplies via the Western Route).

The addenda set out the amounts and key commercial terms and conditions for gas supplies from Russia to Turkey in 2012. The signed documents allow increasing contractual supplies to Turkey in 2012 as well as replenishing the Turkish market with required amounts of Russian gas. The agreements to sign the said documents were reached yesterday during the Gazprom delegation's visit to Ankara.

The parties pointed out the prompt development and mutually-beneficial nature of the Russian-Turkish partnership in the gas sector. They also highlighted that today's agreements laid a solid foundation for the cooperation deepening in the mid- and long-term perspective.

Cooperation in the gas sector between Russia and Turkey commenced in 1984 when the Governments of the Republic of Turkey and the USSR signed the Agreement on Natural Gas Supply to Turkey.

In 2011 Gazprom's minimum contractual obligations gas supplies to Turkey make up 24 billion cubic meters, however, according to preliminary data, the actual export amount for Turkey is expected to reach 25.8 billion cubic meters. Natural gas is exported to Turkey via two routes: the Trans-Balkan gas pipeline and the Blue Stream gas pipeline. Turkey is the world's second largest purchaser of Russian gas after Germany.

The Blue Stream gas pipeline supplements the existing gas transmission corridor running from Russia to Turkey through Ukraine, Moldova, Romania and Bulgaria. Blue Stream significantly enhances the reliability of gas supplies to Turkey and creates additional preconditions for the gas market development in this country.

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