Business

BOTAS and SOCAR Ink Deal to Supply Natural Gas to Turkiye and Europe

Turkish Petroleum Pipeline Corporation (BOTAS), State Oil Company of Republic of Azerbaijan (SOCAR), and Azerbaijan Gas Supply Company (AGSC) have signed four agreements on natural gas supply to Turkiye and Europe at the ongoing three-day Baku Energy week.

Turkiye’s Energy and Natural Resources Minister Alparslan Bayraktar said that the Turkish officials were working closely with the Ministry of Energy of Azerbaijan to invest in increasing power interconnection capacities between Turkiye and Nakhcivan, which will allow more green electricity to be installed, generated and transported.

‘By fostering regional cooperation and prioritizing energy security, a resilient and dynamic energy landscape that benefits current and future generations can be built,’ Bayraktar said, citing the country’s pivotal role in the region’s energy projects due to its unique location between the East and the West and its expanding domestic market.

The Turkish Minister also spoke on the significant strides that are being taken to enhance energy security, a key component of which is ensuring regional cooperation.

‘Our region is blessed with abundant energy resources, including oil, natural gas and renewable energy potential. By working together and creating synergy, we can utilise these resources more effectively and ensure that the benefits are widely shared,” he said.

Bilateral Relationship Hailed

During the opening ceremony of the 29th Caspian Oil and Gas International Exhibition in Baku on Tuesday, which was organised as part of the Baku energy Week by Azerbaijan’s Energy Ministry and its national oil company SOCAR, Alparslan Bayraktar hailed the bilateral relationship between Ankara and Baku in energy cooperation which would benefit both Turkiye and Europe.

Bayraktar said that the bond between the two countries, which was rooted in shared history, culture, and strategic interests, has been exemplified by landmark projects like the Baku-Tbilisi-Ceyhan Oil Pipeline and the Trans-Anatolian Natural Gas Pipeline (TANAP), both of which are crucial for the global oil market.

He also lauded the Southern Gas Corridor as “a testament to the power of regional cooperation” and highlighted its role in fortifying both Europe’s and Turkiye’s energy security while strengthening economic and geopolitical ties.

Bayraktar’s made the remarks following the cooperation agreement signed with the Ministry of Economy of Azerbaijan for additional gas volumes from Azerbaijan, as well as natural gas from the Caspian region, to Turkiye and Europe by 2030.

He added that both countries also agreed to cooperate on increasing existing natural gas supply to the Turkish market and European countries through Turkiye, and the related commercial agreement was finalised and signed on Tuesday.

One of five contracts signed calls for BOTAS and SOCAR to jointly arrange natural gas delivery from Turkmenistan to Azerbaijan and onward via Turkey to other countries, SOCAR said.

Among the former Soviet Union countries, Turkmenistan is second only to Russia in the size of its gas reserves, and has the technical capacity to deliver gas to Europe through a network of legacy pipelines in Kazakhstan, Russia, Belarus and Ukraine.

Global Business Magazine

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