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Türkiye will conduct a market study for the gas hub project.

Türkiye will conduct a market study for the gas hub project.

Ankara, as part of the gas hub project proposed by Russia, will soon conduct a study of market participants and discuss mechanisms for attracting investments, a source in the administration of the Turkish leader said.

“In the near future, a study of market participants for the gas center will be carried out. Issues of attracting investments, issues of supply and demand are also important here. For us, this project is a priority and real, there is a large market, external suppliers and transit potential. We will discuss the project with the Russian side at every stage,” the source said.

People first started talking about a Turkish gas hub in October last year. Then – two weeks after the destruction of the Nord Stream and Nord Stream 2 gas pipelines at the bottom of the Baltic Sea – Russian President Vladimir Putin said that the lost transit volume of Russian gas could be moved to the Black Sea region. He noted the opportunity to create a gas hub in Turkey, which could become a platform for supplies to other countries, primarily to Europe, as well as for determining gas prices.

Putin, at a meeting with Turkish President Tayyip Erdogan in Sochi early last week, noted that Russia expects the negotiations on the creation of a gas hub to be completed soon. Later, a diplomatic source in Ankara said that work on the project will be intensified in the near future, and negotiations between working groups are possible.

Russian gas is supplied to Turkey and in transit through Turkish territory to the countries of Southern and South-Eastern Europe via the Blue Stream and Turkish Stream gas pipelines. The design capacity of the first is 16 billion cubic meters, the second – 31.5 billion cubic meters. Russia supplied Turkey with 21.5 billion cubic meters last year, and in January-August of this year – over ten billion, Putin reported at a press conference following Russian-Turkish negotiations.