• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. Black Sea gas will help reduce import reliance: Turkey
Europe

Black Sea gas will help reduce import reliance: Turkey

  • By Al Mayadeen English
  • Source: Agencies
  • 27 Nov 2022 21:33
  • 2 Shares

Turkish Energy Minister stated that production is expected to begin in 2023 noting that the investment plan put by Turkey costs approximately 10$ billion.

  • Turkish Energy Minister Fatih Donmez (AA)
    Turkish Energy Minister Fatih Donmez (AA)

Domestic production at the Sakaraya gas field is projected the play a significant role in Turkey's attempt to reduce reliance on gas imports by 30%, according to Turkish Energy Minister Fatih Donmez.

Approximately, a $10 billion investment plan is put forward by Turkey for the operation in its exclusive Black Sea economic zone.

According to Hurriyet daily, Donmez said "When we start full production we will be using our own gas to cover 25-30% of our total needs. Our dependence on imports of natural gas from abroad will drop to 70%."

It is worth noting that production at the Sakaraya gas field is expected to begin in 2023.

Furthermore, 44% of Turkey's total gas demand is met by Russian gas imports. It is believed that the Sakarya gas field holds 540 billion cubic meters of gas, worth around $400 billion.

Turkey launches new route for Russian oil to EU

Moscow's income from fossil fuel exports plummeted to their lowest levels since the beginning of the war in Ukraine, but Turkey has emerged as a new route for Russian oil supplies to the EU, as per the Finland-based Centre for Research on Energy and Clean Air (CREA).

The think tank added that Russia received an estimated 21 billion euros ($21.7 billion) in fossil fuel exports last month, a 7% decrease from September.

Export revenue to the European Union plummeted 14% to 7.5 billion euros, falling short of pre-war levels.

The EU will restrict the majority of Russian crude oil imports beginning next month, with Russian refined oil products being outlawed beginning in February.

The EU has also imposed a coal embargo on Russia. While it has not prohibited Russian natural gas imports, Moscow has reduced supplies to the EU. "A new route for Russian oil to the EU is emerging through Turkiye, a growing destination for Russian crude oil," CREA said, in reference to Turkey.

Ankara has doubled its imports of Russian crude since the Ukraine war began in late February. The oil is subsequently processed in Turkey, where shipments of refined oil products to the EU and the US increased by 85 percent between July and August, according to CREA.

"Turkish refiners are therefore providing an outlet for Russia's oil exports, by refining products for markets that are either not willing to import Russian crude oil directly or don't have the refining capacity to process it," it said.

CREA has also stressed that "as the EU bans crude oil imports from Russia on 5 December, this loophole could become important." 

Read more: Turkey hopes Russian gas hub roadmap developed by end of 2022

  • Turkey
  • Russia
  • Black Sea
  • Russian Gas
  • Sakaraya gas field

Trending Now

All
sadsadsad

Putin, Erdogan phone call: Syria, Grain and Gas on the table

Most Read

US dollar may lose status as global reserve currency: Yellen

US dollar may lose status as global reserve currency: Yellen

  • US & Canada
  • 22 Mar
Ukrainian President Volodymyr Zelensky speaks at a press conference on 25, February, 2022. (AFP)

Kiev unable to launch counteroffensive: Zelensky

  • Europe
  • 25 Mar
Europe's move has only increased Putin’s esteem outside the West -- but estimation of Europe’s political nous and understanding of Russia, however, is sharply diminished.

Lawfare Comes into Fashion: The New Geo-political ‘Rack’

  • Analysis
  • 25 Mar
Crewmen enter Bradley fighting vehicles at a US military base at an undisclosed location in Northeastern Syria, on November 11, 2019 (AP)

US occupation bases under fire in Syria for second day in a row

  • MENA
  • 24 Mar

Read this

All
Mounted police disperse anti-government protesters in 'Tel Aviv', occupied Palestine, March 27, 2023 (AP)
US & Canada

IOF separating protesters, Netanyahu supporters to curb clashes

  • Today
File photo of United Nations Security Council meeting. (AFP)
Europe

UNSC fails to adopt Russian draft calling for Nord Stream probe

  • Today
.
Palestine

Report shows settlers' trust in Israeli institutions hits record low

  • 27 Mar
Ukrainian soldiers ride atop a British-supplied APC on the frontline in Bakhmut, Donetsk region, Sunday, March 26, 2023 (AP Photo/Libkos)
Europe

Biden to escalate in Ukraine: NYT

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS