In 2014-2015 Turkey will repay its debt to Azerbaijan for gas on the basis of the “take or pay” contract, Anadolu agency quoted Turkish Minister of Energy and Natural Resources Taner Yildiz as saying.
He said the debt to Iran is also expected to be paid off.
“At present Turkey does not owe to Russia for gas deliveries,” Turkish Minister added.
Turkish Minister earlier said that Turkey has fulfilled its obligations on the “take or pay” gas contracts.
In September 2013 Turkish state pipeline company Botas said that it repair 186 million Lira to Azerbaijan within the framework of “take or pay” gas contracts.
Until the end of 2013 Turkey is going to terminate “take or pay” gas contracts with Azerbaijan and Iran.
In addition, Botas has paid Russia 1.4 billion Lira to Russia and 1.3 billion lira to Iran for the gas it has failed to buy.
In 1996 Iran and Turkey concluded the agreement to deliver 10 billion cub.m. of gas a year to Turkey (30 million cub.m. a day).
Turkey receives gas from the Azerbaijani gas condensate field Shah-Deniz via the South Caucasian gas pipeline (Baku-Tbilisi-Erzurum). According to the contract, Turkey must receive 6.6 billion cub.m. of gas from the Shah-Deniz Phase 1. Turkey will receive additional 6 billon cub.m. of gas from the Shah-Deniz Phase 2.—0---
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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