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Turkey Takes Steps Towards Gas Trading Hub

NATURAL GAS

Turkey’s ruling AK Party presented a draft law to parliament on Wednesday aimed at establishing a competitive natural gas market as the country attempts to become a gas trading hub according to Reuters.

  • Turkey currently imports all its gas needs and has extensive LNG import infrastructure.
  • President Vladimir Putin proposed setting up a gas hub in Turkey in October after explosions that damaged Russia’s Nord Stream gas pipelines under the Baltic Sea.
  • Some Western capitals have voiced concern that a Turkish hub including Russian gas could allow Moscow to mask exports that are sanctioned by the West over the Russian invasion of Ukraine.

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