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The Turkish authorities is in talks with Exxon Mobil (NYSE:XOM) over a multibillion greenback deal to purchase liquefied pure fuel, because it seeks to scale back its dependence on Russian power, The Monetary Instances reported Sunday.
Turkey would safe as much as 2.5M metric tons/yr of LNG by means of the long-term deal below dialogue with Exxon (XOM), Vitality Minister Alparslan Bayraktar informed FT, including that the pact may final for a decade.
The minister mentioned the industrial phrases of the deal are nonetheless below dialogue, however 2.5M tons of LNG shipped to Turkey would at the moment value ~$1.1B, in accordance with pricing assessments by Argus.
Russia is by far Turkey’s largest pure fuel provider, accounting for greater than 40% of its consumption final yr, which largely arrived by pipelines.
Exxon (XOM) has formidable plans to develop its LNG portfolio to 40M tons/yr by 2030, roughly double the quantity in 2020.
