ANKARA (Realist English). Turkey has finalised a one-year extension of its expiring natural gas import contracts with Russia, totalling 22 bcm, and is considering investing directly in U.S. gas production, Energy Minister Alparslan Bayraktar said this week.
The two contracts with Gazprom, due to expire at the end of 2025, will now remain in force through next year. Turkey has been steadily reducing its reliance on Russian pipeline gas, which now accounts for less than 40% of its overall gas mix.
“BOTAŞ has finalised the contract,” Bayraktar told reporters, referring to the state gas importer. “Gazprom will continue supply next year, but we are focusing on shorter-term arrangements — more like one year.”
Diversifying supplies: Iran and Turkmenistan
Bayraktar also confirmed that Turkey is negotiating an extension of its 10 bcm gas import agreement with Iran, which expires in July 2026. Part of the talks includes increasing the flow of Turkmen gas delivered through Iran under a swap arrangement.
Turkey signed a one-year 1.3 bcm import deal with Turkmenistan earlier this year, of which 0.5 bcm has already been received. “We would like to increase the capacity of Turkmen gas coming through the swap deal,” Bayraktar said.
U.S. LNG and upstream ambitions
Turkey — a NATO member aiming to become a regional natural gas trading hub — has heavily expanded its LNG portfolio, including substantial long-term purchases from the United States. Ankara has committed to buying up to 1,500 LNG cargoes from the U.S. over the next 15 years, taking advantage of an expected global LNG glut.
To hedge these long-term obligations, Bayraktar said Turkey is exploring direct investment in U.S. upstream assets. State-owned TPAO is in talks with U.S. energy majors including Chevron and ExxonMobil, with a potential agreement expected next month.
“To hedge our position and create the whole value chain, we are considering investing in the upstream in the U.S. market,” he said.
The U.S. has become Turkey’s fourth-largest gas supplier this year, delivering 5.5 bcm, or 14% of Ankara’s total imports.
Strategic shift
Turkey remains Russia’s last major gas customer in Europe, but the new contract’s short duration underscores Ankara’s shift toward a more flexible, multi-source supply strategy centred on LNG, regional swaps and potential upstream partnerships.
