Erdogan Expected to Announce Developments in Sakarya Gas Field

LOCAL NEWS

• Businesses urge Erdogan to "turn a white page" in relations in the June 14 meeting and use it as a platform to build common ground.
  • TAIK Head notes abundant trade opportunities given Turkey's geopolitical position and strong institutions to play a more active role in transforming global supply chains
• Erdogan expected to announce new developments in Turkey's Sakarya Gas fields today with gas reserve volumes in the Black Sea expected to rise.
  • 405bn cubic meters of natural gas was found in the Black Sea (2nd largest in the world worth $80bn).
  • Two more ships are currently conducting tests at the Turkali-2 & 3 wells.
  • This will reduce Turkish gas imports by 30% by 2027/28
• Russia denies US pressure on S-400 experts leaving Turkey, saying they did so in line with a prior schedule.
  • This contradicts Turkish statements intimating the removal was aimed at improving ties with the US ahead of the Erdogan-Biden meeting (14 June), but notably refused to give up the system entirely
• A group of US lawmakers call for sanctions on Turkey for repeated violations of religious freedoms of the Ecumenical Patriarchate and human rights for all Greek orthodox Christian citizens in Turkey.
  • This comes after 170 members released a similar letter in March to Blinken, condemning Turkey's democratic backsliding