Novak: Russia sent Turkey a roadmap for a gas hub project

Russia has sent Turkey a roadmap for the gas hub project. After its signing, the implementation of the project begins. Russian Deputy Prime Minister Alexander Novak announced this in an interview with RT Arabic.

Novak emphasized the seriousness and promise of this project, the essence of which is the creation of an electronic gas trading platform in Turkey, “which would set prices based on supply and demand in this region.” Despite the fact that there are many gas suppliers in the region (Russia is the largest of them), there are also many consumers. The main ones are Türkiye and Europe.

“Therefore, it is obvious that it should have its own electronic exchange, electronic trading, which generates price quotes. Actually, this project is now at the discussion stage,” said the Deputy Prime Minister (quote by RT).

Russian President Vladimir Putin came up with the idea of ​​creating a new hub for Russian gas supplies in October 2022. In the same month, Recep Tayyip Erdogan announced the agreements reached. Later it became known that the gas distribution center within the hub project would be located in Thrace – in the north-west of the republic. Turkey intends to begin operating the gas hub within a year, the country’s Ministry of Energy reported at the end of January.

Turkey began working on Russia’s proposed gas hub project in April 2023: Turkish Parliament began the process of amending legislation. About creating a hub also talked at the meeting between Putin and Erdogan in Sochi on September 5.