Turkey has opted to defer until 2024 as much as $600 million in payments to Russia for natural gas deliveries, anonymous sources told Reuters on Wednesday. Last week, Turkey’s Energy Minister Fatih Donmez said that the country had reached a deal with Russian gas giant Gazprom to defer part of the payments Turkey owes for natural gas supplies after the price jump last year.
Turkey, a major importer of energy products, has seen its public finances deteriorate since the beginning of the energy crisis and the Russian invasion of Ukraine, which sent oil and natural gas prices soaring in 2022.
Under the provisions of the Turkey-Russia bargain on installment delays, Turkey could concede up to $4 billion of its energy import bill from Russia, as indicated by Reuters’ sources. “Formally an installment worth $600 million has been deferred to the following year. The expansion in energy costs gigantically affected this,” one of the sources acquainted with the understanding told Reuters today.
Turkey is focusing on flammable gas freedom with late immense finds of gas in the Dark Ocean and the beginning of gas transmission from the Sakarya Gas Field a month ago.
In April, Turkish Energy and Normal Assets Priest Fatih Dönmez told telecaster CNN Türk that the volumes of flammable gas that Turkey had found in the Dark Ocean were worth more than $500 billion. The colossal gas finds would be sufficient to supply all families in the country for quite some time, or to cover absolute Turkish petroleum gas utilization, including from industry, for 15 to 20 years, the priest added.
The recently evolved gas fields are set to go far toward Turkey’s energy expansion. Up to this point, the nation has for the most part depended on imports to supply get energy. The Russian attack of Ukraine has hit Turkey’s economy and energy costs hard and has made energy imports considerably more costly for Ankara.