The Turkish authorities is in talks with Exxon Mobil (NYSE:XOM) over a multibillion greenback deal to purchase liquefied pure gasoline, because it seeks to scale back its dependence on Russian power, The Financial Times reported Sunday.
Turkey would safe as much as 2.5M metric tons/yr of LNG by means of the long-term deal below dialogue with Exxon (XOM), Energy Minister Alparslan Bayraktar advised FT, including that the pact might final for a decade.
The minister stated the industrial phrases of the deal are nonetheless below dialogue, however 2.5M tons of LNG shipped to Turkey would presently value ~$1.1B, in accordance with pricing assessments by Argus.
Russia is by far Turkey’s greatest pure gasoline provider, accounting for greater than 40% of its consumption final yr, which largely arrived by pipelines.
Exxon (XOM) has formidable plans to increase its LNG portfolio to 40M tons/yr by 2030, roughly double the quantity in 2020.