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TURKEY: Turkey Signs Long Term LNG Agreement With France’s TotalEnergies

TURKEY
EM BulletBulletGlobalEmerging Market NewsRegion
  • Turkey signed a 10-year LNG supply agreement with France’s TotalEnergies SE with the option to redirect cargoes to Europe and Egypt, Bloomberg report. The deal is the second such of this month, following a deal between Turkey and Shell Plc on a similar 10-year supply arrangement. Bloomberg say the deals will strengthen Ankara’s hand in negotiations to renew long-term supply contracts with both Moscow and Tehran, due to expire in 2025 and 2026.
  • Following the deal, Turkey’s Energy Minister said, “Of course there may be new agreements of this kind […] We will continue to work to supply gas to our country from the cheapest source, under the most competitive conditions”
  • The first meeting of the Turkey-Sweden Security Mechanism will be held in Ankara. The Turkish and Swedish Foreign Ministers will be among those in attendance.
  • The CBRT rate decision is the key local risk event of the week this Thursday, with the central bank expected to keep its one-week repo rate unchanged at 50%. Among sell-side, analysts remain divided over the timing of the first rate cut. See our full preview of the decision here.
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  • Turkey signed a 10-year LNG supply agreement with France’s TotalEnergies SE with the option to redirect cargoes to Europe and Egypt, Bloomberg report. The deal is the second such of this month, following a deal between Turkey and Shell Plc on a similar 10-year supply arrangement. Bloomberg say the deals will strengthen Ankara’s hand in negotiations to renew long-term supply contracts with both Moscow and Tehran, due to expire in 2025 and 2026.
  • Following the deal, Turkey’s Energy Minister said, “Of course there may be new agreements of this kind […] We will continue to work to supply gas to our country from the cheapest source, under the most competitive conditions”
  • The first meeting of the Turkey-Sweden Security Mechanism will be held in Ankara. The Turkish and Swedish Foreign Ministers will be among those in attendance.
  • The CBRT rate decision is the key local risk event of the week this Thursday, with the central bank expected to keep its one-week repo rate unchanged at 50%. Among sell-side, analysts remain divided over the timing of the first rate cut. See our full preview of the decision here.