Russia’s Novatek In Discussions To Supply LNG To Turkiye

Russia's Novatek is in discussions with Turkiye concerning supplies of LNG. Turkiye, like the EU, currently buys gas via spot prices from Russia, whereas it would be more advantageous (and less expensive) for both to agree long-term supply contracts. The EU has also been using more expensive spot prices to acquire Russian LNG, with prices close to tripling this year. Longer term supply contracts would have avoided this additional expense.