Azernews.Az

By Alimat Aliyeva

The gas trading center as part of the international gas hub project, involving Bota and Gazprom, is set to be established in 2025, Azernews reports.

"During 2025, we will create a robust infrastructure that, in partnership with Bota and Gazprom, will manage the trading platform in the Istanbul Financial Center. We have sent a memorandum of understanding to the involved parties," Bayraktar told Milliyet newspaper.

"[Russian President Vladimir] Putin has confirmed to our president [Recep Tayyip Erdogan] that he will give instructions to Gazprom in this direction. The Istanbul Gas Index will operate here, meaning the price of gas will be determined in Istanbul," the Turkish minister explained. "Now, when Russia sells its gas, it will state: 'I sell this gas according to the formula with the Istanbul Gas Index,'" Bayraktar added.

This initiative reflects Turkish ambitions to become a regional energy hub and highlights its strategic importance in the global energy market. As countries increasingly seek alternatives to traditional energy sources, the establishment of the Istanbul Gas Index could provide a new benchmark for gas pricing, potentially influencing energy trade dynamics in Europe and beyond. Furthermore, the project aligns with Turkish broader goals to diversify energy routes and enhance energy security in the region.