29/09/2011 17:50
Turkey may terminate contract with Gazprom
Turkey may terminate a contract to buy 6 billion cubic metres of natural gas from Russia's Gazprom unless it obtains a sufficient price reduction, Energy Minister Taner Yildiz said on Thursday.
Turkey has take-or-pay contracts to buy up to 30 billion cubic metres of gas annually from Russia but has been buying less. Gazprom says it sold 18 bcm to Turkey last year.
This year, Turkish officials expect to take delivery of more than the 75 percent of the contracted amount to avoid take-or-pay penalties. One way to bring down that required amount is to cut contracts, the Reuters reports.