Russian Deputy Prime Minister Aleksandr Novak, we expect the gas hub in Turkey to be established in 2024

Russian Deputy Prime Minister Aleksandr Novak

Russian Deputy Prime Minister Aleksandr Novak stated that the road map for the project to establish a natural gas center in Turkey will be approved soon and said, “We hope that the project will be implemented in 2024.”

In an interview with the Russian state channel Rossiya 24, Russian Deputy Prime Minister Aleksandr Novak made evaluations on developments in the energy sector.

Stating that some developments in Europe have significant effects on the energy sector, Novak said, “We see that natural gas consumption in Europe has decreased by more than 100 billion cubic meters since 2021. Consumption is expected to decline from 609 billion cubic meters in 2021 to 490 billion cubic meters this year.”

Novak emphasized that the decline in question indicates that natural gas-consuming industries such as fertilizers, chemicals and metallurgy in Europe are reducing production, “It also means that companies are going to markets where energy resources are cheaper, such as the US.”

9 trillion rubles revenue from oil and gas

Noting that the Russian energy sector continues to work steadily and contributes to the budget, Novak said, “According to Russian Finance Ministry estimates, oil and gas revenues will be around 9 trillion rubles (about 98 billion dollars) this year, which is close to the 2021 level.”

Stating that global oil prices have followed a largely stable course this year, Novak said that the barrel price of Brent oil could hover between 80 and 85 dollars next year.

Commenting on the natural gas center planned to be established in Turkey, Novak used the following statements:

“We have agreed with our partners on the preparation of an appropriate roadmap, which will be approved soon. We will start the implementation of the project within the framework of this roadmap. Our Turkish partners will soon visit St. Petersburg to learn from our experience, and I am sure this will be useful for establishing an electronic platform and center in Turkey. We hope to start implementing the project in 2024.”

Speaking about Arctic LNG 2, one of Russia’s largest liquefied natural gas (LNG) projects, which was put on the sanctions list by the US, Novak said that shipments in the project will start in the first quarter of 2024.

Source: AA

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