Black Sea gas will help reduce import reliance: Turkey
Turkish Energy Minister stated that production is expected to begin in 2023 noting that the investment plan put by Turkey costs approximately 10$ billion.
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