Russian gas is expensive for Turkey

Botas Boru Hatlari Ile Petrol Tasima AS canceled a natural-gas supply contract with Russia’s export monopoly after failing to agree on discounts, the Bloomberg reports.

Turkish Energy Minister Taner Yildiz said on Thursday the country might terminate one of its contracts unless it obtains a sufficient price reduction.

"There is a 6 bcm contract on the West pipeline that's about to end. We will terminate the contract if we don't see a sufficient price reduction," he said.

Turkey joins a number of customers in seeking price cuts from the world's biggest oil and gas exporter, whose contracts link gas prices to global oil and oil product prices, the Reuters reported.

Firms from Turkey’s private sector will probably sign new contracts with Gazprom, the world’s biggest gas producer and Russia’s exporter of fuel, within three months to continue the gas flows, Anatolia reported, citing the minister.