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Home News Turkey to seek price reduction for Russian gas: minister

Turkey to seek price reduction for Russian gas: minister

Published on 18/04/2014

Energy-dependent Turkey will ask for a discount on the price of the gas it buys from Russia, its energy minister said on Friday.

“The negotiations and agreements we concluded with Russia give us the right for a price revision in the coming months,” Energy Minister Taner Yildiz told reporters in Ankara.

“We will convey our demands on this to Russia and Gazprom officials,” he added.

Gazprom deputy head Alexander Medvedev will hold a meeting with Turkish government officials on Monday for further discussions, according to the minister.

Despite their divergences on some political issues including the Syrian crisis, Turkey and Russia are increasing their trade and energy links.

Turkey depends on Russia for most of its natural gas and oil supplies. In 2010, Ankara struck a deal with Moscow for Russian interests to build Turkey’s first nuclear power plant at Akkuyu in the southern Mersin province.

“I am of the opinion that we will sincerely resolve this problem as we always do,” Yildiz said.

“Right now we are selling (gas) below cost. We are making very serious efforts not to let our citizens and industrialists be affected by (high costs),” he added.

Energy imports are one of the major reasons for Turkey’s high current account deficit — a weak point which leaves the country’s economy vulnerable to global financial turbulance.