EU & TURKEY AGREE
As the West tightened its grip on Russia with sanctions, particularly in energy, following the annexation of Crimea last year, the European Union is trying to expand its cooperation to counter Russia's dominant position in energy sector. The last step in this direction was realized with a cooperation agreement between Turkey and EU in the energy sector.
According to a joint statement from Turkey and the EU, both parties have signed an agreement to set-up a High Level Energy Dialogue mechanism for expanding cooperation in the energy sector.
"Turkey is a natural energy bridge and an energy hub between energy sources in the Middle Eastern and Caspian Regions and European Union (EU) energy markets. Turkey's development as an energy hub will be to the benefit of both Turkey and the EU," reads the statement.
Turkey and the EU, represented by Minister for Energy and Natural Resources, Taner Yildiz, and Vice-President of the European Commission for Energy Union, Maros Sefcovic, launched the High Level Energy Dialogue.
They have agreed to hold the High Level Energy Dialogue at a ministerial level on a more regular basis, at least once a year. Within this initiative, Turkey and the EU will hold talks about natural gas, electricity, nuclear, renewables and climate change.
"Turkey and the European Union will continue to support the Southern Gas Corridor. TANAP is of vital importance for the EU and Turkey's security of supply and for the realization of the Southern Gas Corridor,"according to the statement. On Tuesday, the TANAP project held a groundbreaking ceremony in Kars,Turkey. TANAP will ship 16 BCM per year of Azeri natural gas from Shah Deniz field in the Caspian Sea to Turkey's western border.
DISCOUNTED PRICE FOR RUSSIAN GAS
Separately, Turkey's Energy Minister Taner Yildiz said that the deal to import gas with a 10.25% discount from Russia will continue. At a press conference held during an oil an gas conference in Ankara, he said that the announcement came first to be followed by a signature.
He also said that the price of Azeri gas will be lower than Russian gas, cause of the country's involvement in TANAP project as a 30% stakeholder via BOTAS. Turkey has the contracts with Russia to supply 20 BCM of gas per year.
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