Muscat, 1 February 2023 (TDI): As reported by the Omani Ministry of Energy and Minerals, Türkiye and Oman have inked a ten-year natural gas agreement to boost both countries’ energy security.
The Ministry reports that Oman LNG has a contract to provide 1.4 billion m3 of LNG annually to Türkiye’s BOTAS. Oman LNG will begin supplying gas to Türkiye in 2025.
Also Read: Qatar, Turkiye boost ties with cooperation in Energy, Tourism & Education
Hamed al Naamany, the CEO of Oman LNG, and Burhan Ozcan, the Chairman of BOTAS, signed the agreement in Muscat in the presence of the Energy Minister of Oman, Salim al Aufi.
Naamany declared that this agreement with BOTAS will help our efforts to grow further our position in global energy. It will explore new markets with significant industry partners.
Highlights of A Ten-Year Natural Gas Agreement
Türkiye and Oman signed a ten-year natural gas agreement. The agreement aims to give Türkiye a dependable natural gas source. The country pursues a strategy to reduce its reliance on Russia’s energy imports.
The new ten-year contract calls for Türkiye to receive 1.4 billion m3 of gas from Oman yearly. Türkiye is taking all essential steps to become a gas trade center when the globe suffers from gas supply challenges, notably in Europe.
Türkiye currently imports a significant volume of natural gas from the Gulf state. The agreement expects to open up new economic opportunities in the energy sector.
Oman – World’s leading exporter of Liquefied Natural Gas (LNG)
Several foreign energy companies recently announced long-term agreements with Oman LNG to import LNG from the sultanate. On January 18, 2023, Oman LNG concluded two agreements with Thailand’s PTT Global LNG and France’s TotalEnergies.
Oman LNG will provide PTT Global LNG with 0.8 million m3 of LNG per year for nine years, commencing 2026. Oman will supply 1.6 million m3 of LNG annually to France’s TotalEnergies, starting in 2025.
Three Japanese firms entered long-term contracts with Oman LNG on December 27, 2022, to purchase 2.35 million m3 of LNG annually.
The largest power generation business in Japan, JERA Co, and the trading companies Mitsui & Co and Itochu Corporation have signed agreements with Oman LNG to produce and deliver LNG in 2025.
