Turkish Energy Ministry decides to pay for Russian gas in rubles

The agreement on payment for 25% of Russian gas supplied to Turkiye in rubles will come into force shortly, the Energy and Natural Resources Minister of Turkiye Fatih Donmez said, Report informs via Yeni Şafak newspaper.

“Turkiye will pay for 25% of natural gas purchased from Russia in rubles. The corresponding agreement will come into force soon. The fact that Turkiye will buy gas from Russia in rubles instead of dollars will reduce the need for dollars and reduce costs,” the minister said.

According to him, work on the construction of a pipeline delivering Black Sea gas to land has been largely completed.

Earlier, the Sabah newspaper wrote that Turkiye would invest almost $10 billion in a project to extract and transport 540 billion cubic meters of gas from the Sakarya field in the Black Sea. According to plans, the first gas from the field should come to Turkiye in 2023. Donmez reported that the value of gas discovered in the Black Sea is $400 billion.

“Work on the construction of the pipeline, through which the Black Sea gas will flow to land, is largely completed. The main pipeline will be completed by the end of this month. Three pipes will be laid... The goal is to complete all three lines by the end of the year,” Fatih noted.