4 Mar 2024 14:53

Turkmenistan, Turkey discuss Turkmen gas swaps

ASHGABAT. March 4 (Interfax) - Swap supplies of natural gas from Turkmenistan to the Turkish market were discussed at a meeting between Turkish President Recep Tayyip Erdogan and Turkmen People's Council Chairman Gurbanguly Berdimuhamedow, the governmental Neutral Turkmenistan newspaper said.

Berdimuhamedow and Erdogan discussed exports of Turkmen electricity to Turkey, as well as swap supplies of Turkmen natural gas to the country, the paper said.

Regarding economic cooperation, the People's Council chairman said bilateral trade, which exceeds $2.5 billion, was on the up with potential to grow to $5 billion.

Berdimuhamedow and Erdogan held their discussions last week on the sidelines of the Antalya Diplomatic Forum, where Turkmenistan and Turkey signed a package of documents on gas sector cooperation. The Turkmen Foreign Ministry said a declaration of intent on hydrocarbon cooperation was signed, as well as a memorandum of mutual cooperation on partnership in natural gas between the Turkmengaz state concern and the Turkish Energy and Natural Resources Ministry.

Turkmenistan currently conducts gas swaps via Iran to Azerbaijan. An agreement on the exchange of natural gas signed by Iran, Turkmenistan and Azerbaijan in November 2021 provides for Iran to supply 1.5 bcm-2 bcm of Turkmen gas to Azerbaijan in exchange for a similar volume from Turkmenistan.

Turkmenistan also plans to supply its natural gas via Iran to Iraq using the SWAP system. In November 2023, Ashgabat hosted negotiations between state-owned Turkmengaz and an Iraqi delegation led by Electricity Minister Ziad Ali Fadel, following which the parties signed a protocol on the main commercial terms of an agreement on the sale of Turkmen natural gas to Iraq for five years. Under the protocol, 9 bcm of Turkmen natural gas will be transported annually through Iran to Iraq using the SWAP arrangement.