Turkey braced for costly winter as record gas demand and expiring contracts bite – Reuters

Turkey braced for costly winter as record gas demand and expiring contracts bite – Reuters

ISTANBUL, Oct 12 (Reuters) - Turkey's record demand for natural gas this year is forcing it to step up purchases on a surging spot market as it scrambles to renew long-term contracts expiring this winter.

One of the largest gas importers in Europe, Turkey depends on pipeline gas from Russia, Azerbaijan and Iran as well as liquefied natural gas (LNG) imports from Nigeria, Algeria and spot markets.

It had four long-term import contracts expiring this year totalling 16 billion cubic metres (bcm) annually.