The Turkish government has commenced preparations for a comprehensive market study and discussions on investment strategies as part of the gas hub project proposed by Russia, Sputnik reported citing a senior official in the Turkish administration.

"In the near future, a study of market participants for the gas hub will be carried out. Issues of attracting investments, issues of supply and demand are also important here. For us, this project is a priority and real, there is a large market, external suppliers, and transit potential. We will discuss the project with the Russian side at every stage," the source said.

Read more: Egypt to build 35 more natural gas wells in 2 years for $1.5 billion

This initiative traces back to October 2022 when the leaders of Turkey and Russia jointly instructed their respective authorities to explore the feasibility of establishing a gas hub within Turkish borders, in an attempt to divert traffic from the Nord Stream pipelines, which had experienced damage and interruptions.

Russian Deputy Prime Minister Alexander Novak, a key advocate for the project, emphasized that its objectives extend beyond merely creating a trading platform in Turkey. It also encompasses the development of critical infrastructure and a significant boost in the volume of gas supplies to Europe. Novak further hinted at the prospective involvement of additional countries in the gas hub project: namely Algeria, Qatar, and Azerbaijan.

Read more: Turkey, Russia looking into design, construction of gas hub project

On October 12, 2022, Russian President Vladimir Putin said Moscow could redirect gas transit from the Nord Stream pipelines. 

Back in January, the Turkish Energy Minister at the time Fatih Donmez announced that his country began working on the Russian-proposed gas hub project.