In a significant development, the Turkish state energy company Botas has inked a deal with Algeria's state oil and gas company Sonatrach.
The collaboration between Botas and Sonatrach dates back to 1988 © Mena Today
In a significant development, the Turkish state energy company Botas has inked a deal with Algeria's state oil and gas company Sonatrach to extend their existing gas supply contract for three more years, announced Turkey's energy minister on Tuesday.
During an official visit to Algiers by Turkish President Tayyip Erdogan, the agreement was formalized, ensuring that Turkey will continue its acquisition of 4.4 billion cubic meters (bcm) of liquefied natural gas (LNG) annually from Algeria, as stated in a social media post by Energy Minister Alparslan Bayraktar.
The collaboration between Botas and Sonatrach dates back to 1988 when they first signed a gas supply contract, a partnership that has been extended multiple times. With the existing contract originally set to expire in October next year, the recent extension pushes the agreement through 2027, providing both nations with a stable and prolonged energy partnership.
Turkey, with limited domestic oil and gas resources, relies heavily on imports from various countries, including Russia, Azerbaijan, and Iran. LNG is a vital component of Turkey's energy mix, sourced from Algeria, Qatar, the United States, and Nigeria.
Additionally, Ankara is actively working on the development of a substantial 710 billion cubic meters (bcm) natural gas field in the Black Sea, a move aimed at bolstering domestic production and reducing dependency on external sources.
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