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Turkey Plans to Negotiate More Than 25% Gas Discount With Russia

Date: May 31, 2023 Time: 09:52:26

Turkish officials plan to meet with high-ranking Russian officials in Ankara on Friday, where they expect to discuss a 25% reduction in the price of natural gas. The reductions are expected to be for longer than a month, after which time it’ll be renegotiated.

When it comes to the 2023 budget, Turkey aims to achieve a discount on incoming payments. The fallout from financial woes will result in the deferral of some payments until 2024. The goal is for this plan to have positive impacts by 2023 if successful.

Turkey’s state news agency says an agreement has reportedly been reached to ease pressure on the lira, which is under intense pressure because of fears that U.S.-imposed tariffs will hurt a key manufacturing sector and raise prices ahead of presidential elections due next year.

On Sunday, the Turkish president announced that his country is preparing to create a gas hub through which blue fuel will be supplied to Europe.

Russian President Vladimir Putin discussed the idea of building the Nord Stream 2 pipeline, with a new hub in Turkey, during a speech at an energy forum. The idea would be to redirect excess transit volume from Nord Stream through the pipeline, creating another trade route for Europe and third-party countries, which would pay countries like Russia for using Turkey’s natural gas.

Kevin Kennedy
Kevin Kennedy
Kevin Kennedy is an associate editor for ePrimefeed covering latest news, economy and movie.

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