Speaking at the St. Petersburg International Economic Forum, Bayraktar also said he hoped Iran would continue to supply gas to Turkey over the "years and decades to come."

Gazprom launched supplies via the Power of Siberia pipeline in 2019 under a long-term agreement between Gazprom and China National Petroleum Corporation (CNPC), and supplies have been exceeding annual contractual obligations every year since 2020.

Türkiye is the only transit route left for Russian gas to Europe after Ukraine chose not to extend a five-year transit deal with Moscow when it expired on January 1.

The European Commission will next month propose legal measures to phase out the EU's imports of all Russian gas and liquefied natural gas by the end of 2027, the EU executive said earlier in May.

The prospective deal would be the first of its kind between the countries and continues the expansion of Russia's reach in global energy markets and LNG competition with the United States.

The investment plan aligns with Renaissance Africa’s strategy to rebalance its portfolio by strengthening oil production and accelerating gas monetization while reinforcing its position in export markets.

The European Commission is discussing the introduction of an import quota of zero for Russian gas, according to people with knowledge of the matter.

With prices linked to Henry Hub, market sources suggested that the cargoes are likely coming from the US. This is likely the first US LNG SPA signed by a Chinese company since the announcement of China's tariffs on US LNG.

Since 2019 China’s energy system seems to be undergoing significant shifts.

Turkey has discovered 75 billion cubic meters of natural gas worth $30 billion dollars in the Black Sea, according to President Recep Tayyip Erdogan.

Then the ACCC weighed in again in late March, warning, ‘the east coast outlook for Quarter 3 2025 has worsened. The market will need access to LNG producers’ uncontracted gas to mitigate the risk of shortfall’.

Rising domestic demand, hot summers and rapidly deteriorating local production mean Egypt needs to buy increasing volumes of LNG.

"Despite the significant progress achieved under the REPowerEU Plan and via sanctions since Russia's invasion of Ukraine, in 2024 the EU saw a rebound in Russian gas imports," the EC said. "More coordinated actions are therefore needed, as the EU's overdependency on Russian energy imports is a security threat."

Russia currently delivers gas to China via the Power of Siberia 1 pipeline, which is part of a US$400 billion, 30-year agreement between Gazprom and China’s CNPC which was signed in 2014.

Gas plays a crucial role in the energy transition by replacing higher-carbon energy sources and as a partner to renewable energy.