Bulgaria Sees Significant Property Price Growth, Ranking Second Globally in 2024
Property prices in Bulgaria continue to experience significant growth, with data from the National Statistical Institute
Turkey is set to export natural gas to Bulgaria under a new brand called "Turkish Blend", which will include a mixture of gas from various sources. This gas is also intended to pass through Bulgaria to reach Central European countries such as Hungary and Slovakia. According to Turkish Energy and Natural Resources Minister Alparslan Bayraktar, Russia remains the largest gas supplier to Turkey, providing about 40% of the country's gas needs. Turkey also has contracts for liquefied natural gas (LNG) with the USA, Qatar, Algeria, Nigeria, and Oman.
Bayraktar disclosed this plan during an interview with "Millet" media, in Filyos, where the pipes from the Sakarya gas field in the Black Sea are expected to land. Currently, the capacity for such exports stands at 3.5 billion cubic meters, but Turkey aims to double this capacity with Bulgaria's help. The expansion will involve investments rather than new pipeline construction.
Turkey’s current gas consumption is 50 billion cubic meters, with plans to export 7.5 billion cubic meters annually, which constitutes 15% of its total consumption. This expansion could mean that Bulgaria, along with other European Union nations, might purchase gas that could be sourced from Russian fields, though it will be challenging to trace the origin of the gas in a mixed supply.
In January 2023, Bulgaria's caretaker government and President Rumen Radev were involved in signing a 13-year agreement with Turkey’s state gas supplier BOTAŞ. Under this contract, Bulgargaz, Bulgaria’s state-owned gas supplier, is obligated to pay nearly 500,000 dollars daily for capacity and access to the gas transmission network, regardless of actual usage.
Bayraktar noted that Turkey’s infrastructure allows for the purchase of more gas than the country needs, leading to investments in underground storage, floating LNG platforms, and the gas distribution system managed by BOTAŞ. The focus is on expanding the gas hub in Turkey, which involves collaboration with Gazprom.
The infrastructure includes key pipelines such as TANAP (from 2018) and TurkStream (from 2020). These pipelines, especially the Bulgarian route, position Turkey to supply gas across Europe, reaching countries like Romania, Hungary, Slovakia, North Macedonia, and Serbia. Discussions are ongoing with Gazprom about establishing a joint operator for the Gas Trade Center in Turkey, located in the Istanbul Financial Center, where gas prices will be determined.
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